Yes mate!!!!
I had it 're-sprayed' with special paint by a leather upholsterer, I searched high and low for a post on a forum to get this done and everyone just says ' buy a new wheel off ebay ' etc.
Where abouts in the world do you live, because a local mobile leather guy did mine and the gearknob by blowing a special paint directly onto the red parts and it is AMAZING now. I think it;s acrylic based paint, but literally blown on through a tube onto the wheel after masking off everything else.
He is a mobile guy with a van and sorts out things like scuffs, tears in leather and colour, down in Buckinghamshire way.
James