There was nothing to lose in this experiment because my sixteen year old steering wheel was to be thrown away and I was actively seeking a replacement.
However, I decided to take a shot at fixing the squishy grip myself and can report back to anyone else who want to give this a try that it is well worth it and remarkably easy.
I removed the wheel completely, I noticed that there was a tiny (~1/8th inch) hole right at the top of the grip that faced inward to the dash, you'd never notice it. I figured what the hell, drill a few more holes into the squishy grip. They were spaced about three inches apart around the perimeter of the top half of the wheel.
Gorella Glue was used for its ability to slightly expand. I forced a small amount of water into those holes because Gorrela Glue needs it to activate. I jammed the tip of the Gorella Glue bottle into each of the holes I drilled and squirted some glue in and immediately wiped off any excess using Goof-Off. I wrapped the little holes that where now filled with glue tightly with electrical tape to keep the glue in the wheel and worked the glue around. I left it to dry for about six hours.
Success !! The wheel grip is tight as it could be, there is no distortion of the grip, there is nothing to distinguish it visually. I have a nice solid steering wheel, just the way it was many years ago.