UPDATE:
I did the math and seems kinda difficult to spend $550USD on top of the $1129 I could get the from my dealership. I'm just to big a cheapskate even if I could afford it. I would rather use the money on other mods.
So I just got the OEM electronic PW V2. I hope the thread is still useful for those that want a restitched and resurfaced(non-alcantara leather) performance wheel. I just don't understand why BMW does not offer the wheel with leather and M stitching, I know there is enough of a demand(for many years), I think it would sell like hotcakes!
Here is my V2 wheel.