Actually I have done this with a MadCatz Steering wheel/pedal for the PSX using a PSX->USB connector. I've had pretty good results. I have not mounted the steering wheel, but I am planning on removing the steering wheel/assembly from it's case and somehow permanently mounting it on a CP for a dedicated driving cab.
The small amount of testing I have done, I'd say that the wheel worked pretty good. I've tested it mostly on Chase H.Q. and am satisfied with the results.
Hope that helps...