I was toying around with using the mouse wheel as a spinner ... but my impression was that it's not sensitive at ALL. .... Maybe there are some tricks you can play, like adding a giant encoder wheel to it to make it more sensitive, but I would be suprised if the device and/or windows could handle really quick spins simply because it doesn't need to (unless you take it apart and use it for something completely different like an arcade spinner).
It would be worth testing to find out if it's as sensitive as the x and y mouse axes or not.
Sensitivy depends on two things: the scroll wheel encoder wheel "density", and the mouse driver.
The first one, the wheel density, is just like mice and TBs. The more teeth and gaps per rotation, the higher the density, and the finer the sensitivity. (Like normal mouse axes.)
FWIW, most (but not all) moue scroll wheel encoder densities are very low, in the 4-8 teeth per rotation range. A very few use almost same encoder wheel density as the X and Y axes (call it ~24 teeth).
The second, the mouse driver, sets the data packet used to transmit the scroll wheel data. The MS intellimouse drivers give 8 or 4 bits per send to the scroll mouse (X & Y have 8 bits)
link to MS page discussing this. IIRC, the (old-ish) MarbleMan+ logitech drivers gave only two bits to the scroll wheel; not sure what they do now.
The driver also translates the raw data to something windows expects. This can decrease the percision of a good density scroll whell to the level of most of them, so it acts like the rest.
One of the dozen mice or so I have laying around has a good density scroll wheel encoder wheel; the rest are the normal low density type. I'll try to take a pic and post it.
edit: looking through some old pics, I was reminded that not all scroll wheels are optical. Some of them might use what
look like miniature unlimited rotation POTs (but I doubt they're POTs).