I was thinking of trying this one for a future project...
After a few day dreams, I was leaning towards not tracking the wheel movement but use an independent rotating fan type thing that I could control. Different wheel speed and acceleration would make it hard to get a clean looking image. You will have to monitor the stability of rotation before turning on the graphics.
It would be much better to go for a weighted hub assy and then control the rotation of a motor/blade. it makes no difference if the vehicle is accelerating or slowing. You can even be stationary and show the graphics.
I have not gone any further than this basic idea, so not sure how I would make such a device, I just know it would be an easier and more robust way to go. There are plenty of examples of fan type POV out there to get some usable code going.
Just my 2 cents.

Good luck how ever you go with it!

Paul