Personally I have never tried wrapping a paddle grips in leather, actually i am just finishing my  first paddle...can't afford the kayak yet, so why not build paddles to help relieve the itch...but I do work in wet conditions of heavy snow removal and my boots are leather. The waterproofing shoe spray is crap, I use Obenauf's Heavy Duty LP which I find at my local Cabela's. It works great for water protection on keeps the leather soft. It's only $13 for a good size container that would last you years for just using on paddle grips.

Personally I'd rather fill the soft wood in my hands than leather.

Good luck, if you try it let it know how it works!

Thanks for the feedback.  I plan on covering the shaft with Epoxy and probably varnish, so I thought leather grips might be nice?  I know they make grips in Neoprine, etc..   Any other ideas?