I just rolled 150K on my truck and the only thing other than my driver's seat that is showing wear is the steering wheel - basically the grey is coming off of the leather. How hard is it to change out the steering wheel?? Do I run a major risk of deploying the air bag if I try to change out the wheel?? What other options do I have??

 

I wouldn't worry about the airbag deploying. Those operate on impact sensors and shouldn't go off. You can sell the airbag to offset the cost of your new wheel. Those things are expensive!
On the other hand, you could just buy a steering wheel cover.

 

I have considered the steering wheel cover, but was not sure how a leather cover would look on top of the current leather.

 

Look at stying concepts they have some nice ones there