You can use Link wheel only with fresh content and controlled manner of out bound links.

I think there lot of ways to get quality backlinks as well as huge traffic rather than link wheel.Use social media websites create fans or joined groups there to promote your money website.You can also use video marketing for this purpose too.So try to use all link building and online promotion methods to get more exposure.
Thanks

I would suggest creating backlinks by doing specially social bookmarking, directory submissions, Forum posting, Blog Commenting.

And to get more traffic try posting guest posts on sites having a lot of visitors alraedy and then you can put link to your site there in the article.

I have not yet tried using the link wheel method, I have just been directing links straight to my money site

Register a few web2.0 web and post content too them..from each web 2.0 web articles that you posted, point one to your money site and the other one to another web2.0...this will form a linkwheel..from there you will need to ping all the web2.0 pages and you may wish to blast backlinks to them..