i did a hack for an old cisco heat to plug in a ps2 for twisted metal black
you can use the old wheel if you replace the POT on the wheel and solder it to the connections on the analog stick
just a thought
that way you could keep your old wheel
you would of course not have force feedback but it would be compatible with any game that uses analog for steeting (which should be all of them)
the reason that you have to change the pot is because the atari ones are a lower voltage than what is needed for the ps2 (i'm guessing it's the same for the xbox)
i wish i could be more help but it's just something else to think about