After thoroughly cleaning the part to remove all traces of mold release, I sprayed the inside with a few light coats of Testor's aerosol gloss black (modeler's) paint. The paint is so thin, that it runs off the raised letters and borders. This is a good thing!
Held up to the light, you can see how little work is required to prepare for the next step:

Same image with high resolution: http://www.rfdm.com/albums/album105/IMG_5408.jpg
Frank recommends using an X-acto knife to scrape the paint off the lettering and borders, but I used a 1/2" round rubberized abrasive stick (same one I do engine-turned finishes with). While undoubtedly slower, it gave me more control (and confidence) and the result is very good.
Next step is to paint the lettering and borders so they show up when installed on the steering wheel. Again, several coats were required. Here, Frank suggests either white or gold paint, so I'm not certain which would be correct. I didn't have either of those colors anyway, but I did have some silver! Several coats were required before light would not pass through.

High resolution: http://www.rfdm.com/albums/album105/IMG_5410.jpg
The finished article. As much as I'd like to display this on my R1, I don't have either the medalion retainer nor the proper steering wheel, but all that is about to change in the next couple weeks...

High resolution: http://www.rfdm.com/albums/album105/IMG_5412.jpg
All in all, while not perfect, I'm pleased with the outcome. If I keep the kart above 40 MPH, you'll never know it isn't an original piece

A BIG THANK YOU to Frank Payne for undertaking the task to have these made. My R1 was missing it altogether, so I wouldn't have had any medalion at all for the finished look.