Hey Shep,
I had mine done and below is a link to the finished product, I couldn't find my post on this forum. Suede will look good, but ask yourself, how will it look in say 3 or 4 years time once you have done a bit of driving and had say sweaty hands on it, or even your mechanic jumping in with greasy hands, just something to think about. I had mine done locally in Adelaide, but the guy has now shut down. If I was to do it again, I would have the rubber rim cut off before painting and I would probabally get it powder coated as opposed to doing it myself. Having said that, your painting skills could be better than mine, but by having the rubber cut off, you dont need to worry about masking up or anything. Cost wise was in the $250 region for the leather work. I had black stiching done, but you could get any colour, even something to match your car.
I hope that helps.
Cheers
Tim
http://rsmotorsport.com.au/forums/viewtopic.php?f=22&t=2109