It appears the deluxe wheel was the same from 48-53. I believe the difference is the stock wheel is hard rubber and painted in a glossy dark brown or black depending on year. It has minimal chrome embellishments. The deluxe wheel rim is a beige/ivory translucent plastic matching the knobs and has the chrome caps or handpieces on the arms. Horn button or emblem varied by year but I believe the horn ring stayed the same for all.
I believe, but won't swear to it, a beige was more the 48-50 choice since the underdash knobs were also a beige color. The 47 deluxe K wheel is a perfect match to it's beige knobs and the beige used on plastic pieces that Yesterday's Radio used to make. There are a couple of choices for convertible knobs so possibly a lighter ivory color was available for 48-50 years too. Am reasonably sure a light ivory wheel was predominately 51-3 when chrome knobs were used on the dash. There is a photo of what appears to be a darker beige wheel (last photo) at one of the steering wheel restoration places but interestingly, it has a later year emblem.
http://qualityrestorations.com/packard/ Could be the photo or a bad color from the restorer but looks like it would match the 48-50 knobs.
Here are a couple of illustrations out of the 48 accessory booklet. Granted they are only artists renditions so colors may not be accurate but there does seem to be a slight color difference.
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