Doesn't work at all for games that require 360° steering wheels (Offroad, Sprint, Pole Position, Hot Rod, etc). It should work great for games that require a restricted 270° steering wheel (Spy Hunter, Outrun, etc).
Be aware that some games require different kinds of pedals though. If the game uses analog pedals (positional, not a button), then it will play better if you have that type of pedal too. I don't know what the MOMO uses, but if it's analog, you should be good.
Shifters can be a problem too. If the shifter is 2+ position (hi/lo, 4 distict gears, etc) then it might not work as well as with a flipper style shifter that most PC wheels have (button to shift up, button to shift down basically).
As long as you are aware that things will not be "perfect", you should have fun.
Oh, and Spy hunter takes 7 buttons I think. If the wheel doesn't have that many, you might not be able to use all the weapons if that matters to you.