I just wanted to post a note of sincere appreciation for VisionPNW's detailed notes and pic's here! I used it as inspiration to wrap our own 28" wheel, and I'm super pleased with the results. For anyone else who's interested, I thought I'd share some of the details and learnings from my own project.
The leather hide: After reading and researching, I felt comfortable enough making a purchase online (i.e.: sight-unseen), and ended up purchasing a 12" x 24" piece of 2mm full-grain leather from RingSun Leather on Amazon, in "Bourbon Brown". I am VERY happy with the choice. It's feels like the perfect weight and color.
I applied a good leather wax sealant for waterproofing when the project was done. I believe I can simply reapply annually (or perhaps semi-annually).
KEY LEARNINGS:
1) Because I was focused on keeping the entire project budget under $60, I purchased a piece of leather for $30 that could be cut into four 3" x 24" strips -- which could wrap our 1" tubing around its 88" circumference. Next time, I would probably splurge on a larger piece of leather, because although it wrapped perfectly around the stainless tubing, the leather was not wide enough to completely wrap the tubing at the seams (because of the added thickness of the double layers) -- and there are four seams. (See picture below).
2) Also with a larger piece of leather next time, I would wrap the wheel in foam padding prior to applying the leather.