Congrats and post them pic whenever you can.

 

That's what I did on my '08 GT. It had the cheap plastic steering wheel, so I bought a new Bullitt steering wheel (basically the same as the GT500) for around $300 and installed it myself. Looks and feels 50 times better than the stock plastic cheapie, which was one of the worst stock wheels I've ever had in the 20 cars I've owned.

I've done that before with a Wheelskins leather cover on another car in the past, and while it was a little better than the stock plastic wheel in that car, it still looks like a relatively inexpensive cover stitched on by the owner. I'd never do that on a new 2011 Mustang. A used or new leather wheel looks much much better, and if you shop around, isn't terribly expensive.