I have this same problem on my 69 nova. Only I NEVER wear anything nice in it because it's a race car. I plan on doing what I have listed below.
I read an article a while back in Car Craft or something like that. They didn't suggest this, but it'll be much better. Take the steering wheel off and wash it with mineral spirits. They recommended Simple Green or lacquer thinner if I remember. My problem with lacquer thinner is that it might melt the steering wheel a bit. You could even just try soaking it in dish soap for a night. I'd imagine that would help to dissolve some of the oils from 40 years of handling it and the resins in the plastic. Mineral spirits would seem to be the most effective though.
I read an article a while back in Car Craft or something like that. They didn't suggest this, but it'll be much better. Take the steering wheel off and wash it with mineral spirits. They recommended Simple Green or lacquer thinner if I remember. My problem with lacquer thinner is that it might melt the steering wheel a bit. You could even just try soaking it in dish soap for a night. I'd imagine that would help to dissolve some of the oils from 40 years of handling it and the resins in the plastic. Mineral spirits would seem to be the most effective though.