First, I used regular white masking tape to tape over the emblem. I then used a small knife to cut along the edges of the emblem to make the pattern. Next, I transferred the cut patterns onto a piece of the red vinyl, and proceeded to cut out the pattern on the vinyl. Finally, I taped the cut red vinyl pieces to the steering wheel. Tada! Red background "H" emblem on the steering wheel!
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This is super easy to do, and the amount of vinyl needed is so little, you can probably just go to a local sign shop and ask for some scraps of whatever colour you want to use. And the added bonus, since vinyl stickers add 1hp each, I've just gained 4hp!! For Free!