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Leatherique will do nothing for worn leather. Hands down, it's the best "moisturizer" for dry leather. It needs heat, however, to reliably penetrate the urethane coating on automotive leather. It's not a wipe on wipe off product - you'll have to do a bit of work for solid results.
For the steering wheel; buy new one. Not hard to replace at all and totally worth it.
I can't speak to dying leather; never did it. If you have un-damaged leather pieces that are just dirty or shiny, magic eraser does wonders. It will make it matte and ridiculously clean.
I've used it on Novillo, Napa, Merino, Bridge of Weir and generic top grain leather for years with great results. With excessive use it may reduce the urethane coating somewhat, but it's impossible to tell.
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