First off never map your wheel to LEFT/RIGHT or INC/DEC. That means you want MAME to turn all the way left or right as soon as it detects ANY movement in the wheel. Those mappings are only for when using digital controls like buttons and microswitch joysticks.
Map the wheel to Paddle X axis and delete the left and right or INC and DEC mappings. (see stickied noob thread)
This particular game is unique in that it would originally work with a joystick, 360 degree wheel(turns endlessly like a spinner), or 270 degree wheel.
Map the controls correctly, then go into DIP switches in MAME's in-game menu.
There is an option for control type: joystick or wheel.
After you change it to wheel, you will see another option for 360 degree or 270 degree wheel (has stops).
Unless you are using a wheel that can spin in either direction forever, set it to 270 degrees.
For all emulated arcade games, you probably want to reduce the wheel rotation to 270 degrees in windows or Logitech profiler.