A mouse hack should be pretty easy. There used to be a few in the spinner section but there are a lot of broken links. If you find the right mouse it could be as easy as substituting the emitters and detectors in the mouse with the ones you have.
The easier way (and definitely not the cheapest) is to pick up an Opti-pac and a Happ/Atari optic board. I recently converted my Pole Position steering wheel and had it up and running in an hour. The original Pole Position optic board won't work with the Optipac as it decodes the optic inputs and outputs direction and speed. The Happ board only sends out the raw on/off data from the photo-transistors.
I pulled the photo-interrupter off the Happ board and put it on a Radio Shack board to get the right clearance. I then wired it back to the Happ board, drilled some new mounting holes and attached it to the steering wheel using the original mounting holes on the sterring wheel.
Here's a photo of everything in place. No modifications to the steering wheel were necessary other than removing the original optic board.
http://www.stuy81.com/arcade/poleposoptics.jpgI'll get around to fully documenting this one of these days...