We tried this activity last year during a visit from a local primary school. It was great to see the sharing between these different age groups. We presented the wheel to the class at the end and they were overwhelmed.
I think this is a great idea, and would look good on our outside wall under the covered walkway. Just had our bulk rubbish pickup, so may have to wait to source a bicycle wheel till the next one. Good opportunity to use up all the odds and ends of lace, ribbon and yarn too!