Helll noo. The PP wheels were a little large, but they didn't look like 60s midway rides. Christ almighty.
I have a PP panel. It is indeed as shown above. I'd have it done by now, but I haven't been able to build a case for it. And, at least I think, PC mice are decent enough hardware that if you got one around, use it.
One thing you might think about it is resolution. I bet the mouse is higher than the encoder used in PP, which means you might need to turn the wheel farther to go farther. Could be good, could be a little more than necessary.