Tme wood venier on my 87 300E has been cooked by the New Mexico sun and has cracked and chipped. Is it possible to replace this lower section of the console? If so where can I get one?

Smiles.

You could always try to send a Parts Information Request here at the mercedesshop. Click the PartsShop button above.

By "the lower section of the console", do you mean the wood part around the wood part surrounding the shift lever, with all the power window buttons and the radio fader? This section removes easily, as shown in the "DIY" tab above, w124 stereo removal. If PartsShop can't get it for you, then you might try this thread to see about your options http://www.peachparts.com/shopforum/showthread.php?threadid=12462