I wonder, has anyone ever done this?
It seems to me that it should be possible to do. My original wheel is a bit, what's the word? Knackered? Yes. That's it. Knackered. Probably the effects of the sun over the years. Around the edges of the airbag, the rubber is warped, as is the rubber on the wheel where it should meet up smoothly with the airbag. Also, the horn has stopped working. It used to just be hard to get it to work, now it doesn't work at all. There's a write-up for replacing those buttons, but I don't think it's worth that with the wheel in the condition it is.
I don't want to replace it with another stock wheel, because it's butt-ugly. If I'm going to have to pay $500 for a steering wheel, I'd like something that looks good. I also don't want to eliminate the airbag, as others have done, because I swear by them since one saved my life three years ago.
A company called RAID makes aftermarket airbag wheel that are really sweet looking, but they're in Germany, and I can't figure out if they have an adapter that would work, or could be made to work, on an Elan.
I really like the Audi wheels that are available on ebay for a reasonable price, but again, don't know enough to be able to determine if one could be made to work.
There are also Momo airbag wheels avaiable for Subaru WRX, Mazda RX7, and some others. Using the Momo boss kit for the Isuzu trucks (as klassykappa's fed conversion thread shows can be used on the Elan), would one of those Momo wheels likely work?
Finally, Lotus used a GM wheel, so it seems they weren't inventing anything new for that. Surely there are other cars using an airbag wheel that would fit us. Has anybody ever tried?

Go figure. Suppose I could get new holes tapped in the hub but one would think it should be easier than that.