Rich
I have repaired the Trafficator hub with JB weld. Once painted, you can't tell the difference! I beleive it and the steering wheel are Bakelite. JB Weld bonds well to the bakelite. The problem is paint.... You'll need to find an excellent sealing primer to stick to the old wheel. Krylon won't stick to the bakelite. It tends to form small droplets and when dry, is very grainey.
Go to your local hobby shop and get some "Cover Rite" epoxy paint and primer. The stuff doesn't cover worth a D@*#, but after about 8 coats, you'll have a hard, long wearing surface that looks good. Follow the instructions on the Cover Rite can. Light coats only; otherwise it runs and looks as bad as the Krylon.
Cheers