There are two main types of steering wheel for arcade/Mame games:
1) 360degree / non-restricted optics based wheel, for games like Pole Position, Super Sprint etc (dial input in Mame).
2) ~270degree / restricted, return to centre potentiometer based wheel, for games like OutRun, Power Drift etc (paddle or stick input in Mame).
So to answer your question, for wheel (1), the answer is no. For wheel (2), most PC wheels will work fine, but probably best to avoid the ones that you can turn a few times before it stops turning (900 degrees or whatever they are).