The New, Newer Project: Part Tres...

[StealthBird]

Steve, they called it the Formula steering wheel because it was patterned after the 1960's Momo F1 steering wheel. That steering wheel was very popular back then, so when Pontiac copied the design, they called it the Formula wheel, as in Formula 1.

As for the car, Pontiac used the name Formula in the same vein as Trans Am. They were both racing series (F1 and SCCA Trans Am). Pontiac had a knack for naming their high perf cars after a racing series, or a track, such as Bonneville, Formula 1, Trans Am, Le Mans, Grand Prix, Can-Am, and Grand Am.

And your new steering wheel looks awesome. What a great find! You're very lucky to have found an original owner that not only remembers the car very well, but still has an interest in its well being.