as far as i know, the driver PCB is expecting the particular signals regarding the wheel position to be coming back to itself to ensure the wheel is being driven correctly. i could be wrong though, could be completely passive. i'm not sure about the particular wheel you mention (momo)
how you go about what you want to do, is going to highly depend on what is driving what, and where these signals need to be processed, and by what program because it will be expecting a particular respones from the wheel feedback.
we talking pc? console? arcade driver board? another brands wheel? not really enough info to make a yes or no answer. so... maybe?
i mean, nothing is impossible... just it's fairly easy to program an arduino to control an arcade style driver board... that's been done before... and it makes an easy interface to PC... but with some tweaks to some code, you could probably interface it to a console