Red strip is personal preference (I'd lean on no, personally, but won't hate either way!). I would suggest having the perforated section cover the upper and lower spokes, similar to how the split is on the OEM leather.
That's how my WRX was, and it was nice. Like this:
-Charlie
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'99 4Runner SR5 Auto -
4WD swapped
'89 Camry Alltrac LE 3S-GTE 5spd
'17 Chevy Volt Premier
'16 Honda Odyssey Elite
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