Cheap fix for a steering wheel handle that's falling apart?

So the foamy/plastic-y covering on my Honda Civic steering wheel has been slowly coming off over the last few years (at first i was ignorant it was happening, then in denial it would get worse, then too broke to fix it.) It's finally gotten to the point where in two places the metal frame for the steering wheel is exposed which makes for some danger when it heats in the sun and I touch it while driving. Not to mention, it's STILL corroding and little bits of steering wheel dust and "sand" continuously and coat the back of the column, my lap, etc. It's noticeable within just a few uses after cleaning. Traditional steering wheel covers help, but they don't totally cover the whole wheel and the under-exposed side continues to fall apart, granted at a slower rate. I just poured a lot of money into other concerns with the car, so I'm not interested in replacing the actual wheel at this time.
What can I inexpensively do? Is there a tape or sealant I can put on the handle part of the wheel to stop the actual deterioration then put a prettier steering wheel cover on to hide it?
I'll be speaking to my mechanic a few days when I pick up my car for unrelated issues, but, honestly, he's doing me so many favors it's embarrassing and if this is something I can do on my own, I'd love not to have to bother him with it.

I would use old rags, play dough or just something to stuff in there in where its down to metal. I would rap the wheel in duct tape first.(get the cheap duct tape). Then I would use electrical tape use a color or design you like. They make all differt kinds of electrical tape now. It cheap! I have used tape before and if you put it on their right it shoudnt look to bad. Or rap the wheel a few times around with cheap duct tape to build it up enough for a steering wheel cover will fit. Thats the best i can think of. Sorry