Depends on the type of wheel. If it is the translucent plastic deluxe types there is not much choice but to send it to a professional. I believe the going rate is $1200 to 1500 for a complete strip and recasting. Any chrome plating is extra. I believe Tenite was the material Packard used on the deluxe plastic types and not sure if that was available that early.
If it is the more standard painted hard rubber then those can frequently be repaired by the DIY with some quite good results. Ordinary cracks can be filled with an epoxy putty, smoothed and then the entire wheel is repainted. KevinAZ did a quite decent job and posted some photos of the work on his 55 wheel using that method. Search the site for steering wheel repair and there should be more than one thread of people repairing theirs.
If the wheel is in otherwise good condition with just a few missing chunks a mold of a good section can be made using silicone rubber. The mold is removed and then placed over the missing areas so they can be recast with a more pourable epoxy or casting resin. That is smoothed and painted just as in the crack repair.
For those more ambitious, the entire wheel can be done in a similar manner but the mold needs to be made from a decent wheel -- or at least from one substantially intact so the damaged wheel can be recast in fairly large sections. Alumilite has some good information and a video or two showing that process.
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