If 76 Monte's had a Soft Vinyl Steering wheel you might be able to get away with using profissional grade upholstery dye. Make sure you scrub the wheel thoroughly and maybe even use some soft scrub. Those old rubber wheels are bad about oozing out plasticizers that make them gummy, not good for paint adhesion.
If it's a hard plastic wheel the interior paint isn't gonna stick that great. Imron might be a better choice for a hard plastic rimmed wheel but it will still be prone to scratches and chipping. Putting a nice steering wheel cover on the rim and just painting the horn pad might be the way to go.