The leather seems to have cracked up a little in just one area and feels uncomfortable to the touch.

I've treated it with Meguiars leather cleaner & conditioner but within a day or 2 its back to how it was.

Can't offer any sound constructive repair advise, but seems if you approached a leather furniture repairers maybe a thought?

You will have to be careful as to not make it too slippery to safely grip steering wheel.

In desperation buy a new steering wheel minus the airbag and fit it all yourself.