You could go the analog (potentiometer) route and get a return-to-center steering wheel (similar to a PADDLE), with hi-lo shifter and pedals then run MAME for games like: OutRun, Cisco Heat, Power Drift, maybe even Cruisin' USA. You'll need an A-PAC board to convert the analog signals and your only limitation then is what's emulated well.
The other route is digital, aka "DIAL" steering wheel which spins freely and uses optical sensors to detect motion & direction. Games like Pole Position, Offroad and Super Sprint fall into this category. You will need an Opti-PAC or similar converter board to deal with inputs.
I have toyed with this concept many times but prefer dedicated uprights. The effort into making a multi-driver does not measure up with a finished product that will only play a small handful of games. Newer 90s SEGA & NAMCO racing titles just don't run properly in MAME.