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Don't know if anyone is still interested in this but here's how I wrapped the center stripe on my steering wheel.
Started with locally sourced red thread. Start by placing a horizontal piece across the top and then start the wrap at one side of the stripe. This keeps the thread from unraveling.
After that start wrapping across the stripe. Keep gentle pressure. Make sure you wrap the lines close and straight. If need be push the thread over with your fingers. Look at the back side to make sure you're not leaving any spaces.
When you get to the other side wrap a couple of times in the seam. If you need another layer to fill in go back over the other direction. Makes the stripe a little thicker. If you like it get a needle and thread the free end of the thread back under your stripe by weaving it into the thread. Try not to see to the alcantara.
Pull it tight and cut off the excess. No knots makes it nice and flush.
Gives a nice handmade look. Like it better than tape. Seems to be durable so far- one track and one autocross day and daily driving.