I use them to make hawks and axes.
Fold a 4" piece over in a "U" and add a 2"X3" cutting edge bit of hardenable steel. I usually use 1/4" thick 1070 for the bit, but have used old leaf springs, too. It is a good idea to weld the seams up in the eye with stick, MIG, or TIG. Then forge weld the bit in solid, drift the eye, and draw out the beard. You would be surprised at how big head you can get from a thick piece of wagon wheel WI. They make great Viking hand axes and throwing axes. Drifts can be purchased fairly cheaply on eBay and Amazon as well as some blacksmith supply places. A set of three drifts runs about $90.
After forging and basic grinding, a long soak in FC will make the WI look rustic. Then, finish the bit and sharpen it.
Other decorative options are piercing the cheek or stamping in patterns or numbers/letters. For throwing axes, a straight hickory handle works just fine.