Tuff Wheel Repair

I just bought a Tuff Wheel for my wifes '73 Duster.
It has the usual ratty rotten picked at foam.
I have seen some places on the Net that rebuild them(for hundreds!!!)
Anyone here ever try to repair on at home?
I think I can handle covering it in leather,but the foam is loose on the metal rim in several places and has some gouges out of it.
I'm wondering if there is some way to re attach or "firm " it up before covering,or should I remove the old foam and start over with somthing else?