I havfe always thought this would work but have never tried it. You are correct that if you make the attachment point to the bottom of the wheel, it will be rigged the same as a tiller.I've only done sheet to tiller but I do have a vague recollection of someone on this forum posting a diagram for a wheel system that they claim worked well... and in theory it should. Here is a sketch of what I recall. May need some tweaking to get it to work. As I think about the mechanics, I think you could eliminate the second block for the wheel version if you made the attachement point (for the line leading to the sheet) at the bottom of the wheel instead of the top of the wheel.
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I have had some tiller captains on board who could not get the feel of steering with a wheel. I tell them to hold the wheel low (below the axle) and steer like it is a tiller. Works every time right up till they forget and put their hand back on the top of the wheel, so I need to keep an eye on them.

