Replaced the red steering wheel stripe with the Joann marine red vinyl mentioned somewhere earlier in this thread.
You have to buy a minimum of 1/8 yard of material for a whopping $2.50. It's really a nice grade of vinyl and the perfect shade of red.
Here's the old strip on the left which I used as a template to cut the new strip. To get the original off just take a box cutter or exacto knife and nip the 3 threads holding it and it will pull right off. I also picked up some heavy duty matching thread and my wife had some fabric glue laying around. You can see how much material you have left over on the right.
You want to fold over about 1/8" on either side and glue it in place so you're left with a nice rolled edge.
Finished product