Last night I spent over 4 hour cutting and sewing and stretching and finally the result is excellent:

This is my original shifter knob; the one I removed in the first place about 2 years ago, and the reason I started this thread. If is possible to restore, yes definitely as you can see, does it worth…well the replacement was ~$75 plus S&H (all in all probably little over $100). I don’t think worth as a business is too much work. At least now I have two…
All you need is about ˝ sqr foot of leather, ~2 ft of No. 10 3 ply nylon thread and a little contact cement. Cut the leather using the old one as a template (including the holes for the thread). Apply some contact cement in the area surrounding the button and put some folded paper between the button and the leather (all around) to keep the leather in position for the contact cement to dry. Then using two needles and a lot of patience sew the leather in a cross pattern stitching (same as the baseball).
At the end use some contact cement to hold the leather folded inwards on the base of the knob. That’s it!