I decided to give this a go on the wheel of my low-mileage 2001 LX470:
The wood itself still looks good, but the finish has cracked. In the photo above I've started sanding the top part, but not the bottom. Here's a close-up of the cracked...
I read the comments about the part numbers and replacements, but does anyone know if the mounting points for 16400-50290 and 16400-50360 are identical? or are there variations due to the application year? Does the 16400-50360 line up and work...