Minwah,
Most of the arcade wheels have SOME gear noise.
It shouldn't be REALLY bad though, unless something is not meshing properly.
As long as the wheel turns freely, and doesn't have anything rubbing/catching, you should be OK.
If you haven't disassembled the entire shaft, and greased it, I would recommend doing so.
Put a little grease on the actual gears, as well.
That may help quiet them a bit.
Chris,
The easiest method of interfacing the wheel is an Oscar optic card, and Oscar USB mouse hack.
All you need to do is get the encoder wheel to pass freely through the optic card, and then hook the optic card to the mouse hack.
The whole setup will run you about $15.50 + shipping from Oscar, IIRC.
As far as a pedal goes, you basically have three choices.
The first is to run a digital arcade pedal through a keyboard encoder/gamepad hack.
The second is to run an analog pedal through a joystick/gamepad hack, or one of Dave's AKI interfaces.
The third is to build your own.
(Either by building an actual pedal, or by using a button on the CP to SIMULATE a digital pedal).
Be forewarned though that some games HAVE to have an analog pedal to be playable.
Most of the ones that I can think of are 270 wheel games, but there may be some 360 wheel games that need it as well.