ermmmm, well as I've been in the leather industry for 16 years and studied at the leather college I'll throw my two penneth in.
When suede is dyed its usually done half way through the re-tanning process, and drum dyed, that way they can use various process to "fix the dye onto the leather, usually by adjusting the PH to fix it in place. If you leave it just sat in dye (what dye your using I dont know) chances are it will just rub off in your hands etc, I would suggest it was sprayed onto the wheel, so you dont whack a shed load on, then it really needs fixing. Plus if the wheel has worn at all, you'll struggle to get any sort of inpregnation, and it'll sit on the surface and leave you with a bronze coloured black that looks pish, or simply run off and not stick at all. But a new one you t.ight arse.
also bear in mind that the original dying will be nigh on reet through the suede, dye has all the covering properties of air, so chances are how ever long you leave it sat in the dye, only so much will be able to bond on, and you'll end up with a navy blue hybrid that looks even worse LOL simply soaking it, wont make it go reet through, In production the leather follicles are opened up using a mix of temp and PH, to allow for the dye to penetrate, its then revered and closed back up, locking it all away.
Hows that for a geeky answer LOL