Only fix I've found is replacement.
Look for a leather covered wheel on ebay.

Late W124 wheels are smaller and do not directly interchange, you can tell by looking at the airbag. It's a different shape on the later, smaller diameter wheels. You can use the late wheel if you also change the airbag and contact plate under the wheel.

W126 and W201 wheels interchange with early W124, as well.

Jim

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14 E250 BlueTEC black. 45k miles
95 E320 Cabriolet Emerald green 66k miles
94 E320 Cabriolet Emerald green 152k miles
85 300TD 4 spd man, euro bumpers and lights, 15" Pentas dark blue 274k miles