No, maybe, yes (assuming winXP sees it), and not me.

The problem is the adapters convert from
standard gameport to USB joystick. That wheel, AFAIK, is not "standard gameport", but uses the MIDI part of the port. It won't work on non-MIDI capable gameports, and needs the driver to convert from MIDI-ish to joystick-ese.
If the gameport you buy is MIDI capable, it
might work. You'll need to find XP drivers for the wheel, though, since the wheel has its own proprietary signal.
Once (or if) you get the XP driver, though, it'll work in mame. Mame has no forcefeedback, though.
I don't have one. Which actually might be a good thing for you. The wheel
might be gameport/USB (from skimming the review you linked, didn't look like it). If so (like my gamepad), and you have the adapter that came with the wheel, the wheel would be able to sense if it's connected by USB or MIDI/gameport, and send the correct signal. However, AFAIK, these are not standard gameport to USB adapters, so even if the wheel is capable, you'd need to find the special proprietary adapter.