I am assuming from your screen name that we are talking about the wood steering wheel used on the early Z.
You need no stain at all.
Here is how I did mine...
First remove the wheel and all that can be removed from the hub.
Next, tape the 'wood' portion of the wheel well with painters tape.
Bead blast or soda blast the spoke and hub portion of the wheel.
Remove and retape the 'wood' portion of the wheel being careful to blow off all traces of glass bead or soda.
Prime the spoke/hub portion and allow to dry.
Paint the spoke/hub portion with a good black satin paint and allow to dry.
Remove paint from 'wood' portion of the wheel.
Mask spoke/hub portion with painters tape.
Using steel wool, remove the finish from the 'wood' portion until it is a dull white and feels like a spanked-baby's-ass.
Remove the painters tape masking and blow off all remains of the steel wool.
Remask the spoke/hub portion.
Using a good quality marine grade gloss varnish carefully varnish the 'wood' portion and allow to dry.
Using ever finer steel wool, re-smooth between each of two to three coats.
Apply a wax coat if you wish.
What appears to be wood, is actually wood fibers with resin. The clear gloss varnish will give it the deep red stained look it had when it was new.