Yes, you can do a restoration, but the end result is nothing near than if you get your wheel refurb. Problem is that some leathers are difficult to restore, you have to have a lot of patience and knowledge how to restore it properly and again the end result might be good, but not as a refurb. Also you have to fade out the peeling part by using a sandpaper correctly and possibly using a filler after that. You can check out internet for restoration tips and tricks and see sample images of restored steering wheels, they tend look a bit shiny, because of the colorant and really doesn't fit to the interior that well, at least that's my opinion.