As far as material for recovering a wing wheel, here are some things to consider:

Open cell foam: Generally deteriorates in sunlight, dries out and traps dirt and grit. Cheap, easy to replace and if maintained, a reasonable solution..

Closed cell foam: UV deterioration and similar drying out as open cell foam, but less susceptible to trapping grit.

Neoprene: Drying and UV can cause it to crumble after a while. I have also seen a few instances of black stains appearing on wings when it gets wet. The best stuff I worked with was 6 mm wetsuit neoprene that is fabric lined on both sides. Downside is that it looks great for a year or two and then fades and starts to deteriorate.

Regular carpet: Cheap and relatively good overall, but can be difficult to work with, as the woven backing is fairly stiff. Indoor carpet can be washed, but will mildew if not allowed to dry properly. Attracts dirt and stickers.

Outdoor/Marine Carpet: Designed for UV resistance and weathering. Short nap is less susceptible to catching dirt and is washable. Ridged, rubber backing holds up pretty well. Use Liquid Nails or other construction adhesive to attach. On the downside, it tends to unravel unless the edges are heat sealed. Disclaimer: This is what I use on the wing wheels I build (over 200 so far- see www.mmfabrication.com)

Wool felt: Probably the best, but many types are available. Get something flexible enough to wrap around the edges of the cuff. Some types are too stiff. More expensive. Doesn't trap dirt as much as carpet, but needs to be vacuumed occasionally.

I am contemplating changing over to felt due to the hassles of heat sealing and trimming the edges of marine carpet.

Hope this helps.