Hi,
If you had plenty of time on your hands you could put any manner of hitching (not whipping) on the wheel and some awesome "T" shaped Turk's Head Knots, all from the same strand, turning out at the spoke junctions. You could hitch the whole wheel with variations in patern in each segment between spokes. Then you could put different Thks at each spoke intersection. A total "purist" might tie the whole wheel as well as the spoke intersections from a single strand. Just that I will say to you: There are no limits. As much as I love knot covered things... you may wish to consider.. total coverage looks silly to most folks (not to me.. you cover it on every surface and I just llove it... but just a soft warning). Another thought from a purists.... I may take several years to cover a "thing" with knots. All done from one strand. No skipping or variation from the basket weave will be allowed.. Over one, under one.. You come along and make some lovely covering in two or three passes. I get to say.. but you "cheated" and nobody.. but nobody can tell how you made it without taking it apart ( so cheating is just fine).
Cover the wheel. Use something that builds fast. (double grapvine works well). Put a very fancy THK at the king post. Do something nice at the other spokes. " Projects completed" are worth 10x the value of projects "dreamed of". I have often purchased a spare wheel and put all sorts of fancy stuff on, variations and single strand and silly stuff. I knot. You sail. Consider what you want to spend time on. My wife hikes with a staff with well over 3500 knots on the grip. I walk with her and you don't even want to know about my staff. But of course we don't have a boat.