Assuming it's some kind of spindle turning (as opposed to bowl turning) you can make close to anything with a 4th axis that you can make on a lathe, and lots of things you can't make on a lathe (assuming you have Aspire). You can make bowls, too, but the inside needs to be hollowed out with the bowl fastened to the table, not on the 4th axis. A 4th axis may give you better repeatability as well. I don't see any reason you couldn't make model wheels with it.
D&S Artistic Woodworking http://www.dsartisticwood.com