I posted this project in the low-bucks project thread, and am happy to repeat it here.
The leather wrap on our wheel had seen better days. I searched online and in books for an easy, good-looking wheel wrap, and then played with some line for a few days. I came up with a simple solution.
My daughter and I wrapped our 42" wheel in a couple days with paracord. It feels good under the hands, with plenty of friction to get a good grip but not so much that it's uncomfortable. I think it looks pretty good too.
It looks like a braid, but was very simple to do:
It's just what it looks like, a single line that never wraps all the way around the wheel. It just loops back and forth. I suggest using a sailing glove, as blisters develop quickly when you're pulling paracord tight again and again and again.
No frustration with keeping multiple lines untangled, no handling of the spool of line. I hung the spool under the wheel so that the line unrolled without twisting because I think it looks better when the line doesn't have a twist in it. When we were doing the wrap, we kept the "braid" on the outside of the wheel so we could fit more wraps on. I sewed the beginning and end of the line together under the turk's head. Afterwards we moved the braid to the side for a more comfortable grip.
It took 300 feet of paracord to wrap the 42" wheel. We could have made it tighter with a bit more line, but I only had 300'. The blue matches our canvas and doesn't show dirt like the traditional white does.