I have the same issue but with a heated version. I've put off doing the steering wheel, but have painted part of the console trim and arm rest trim and you can't tell any difference from the factory, except it's not peeling.

The reason I put off the steering wheel is because A) I'd like to get an upgraded version and/or B) if that takes too long to find one that isn't $$$$$ then I don't want to remove anything but also don't want to paint inside the cabin.

Also, there's a company that makes laminate covers for that section specific to certain bmw models. Just google 'steering wheel graphics BMW'. Seems they make laminate for both the buttons and the plastic trim, though I'm not sure how good the product is.