Dissenting Opinion
Several years ago, I converted my 1978 E34 (IOR model) from a tiller to a wheel. I used the Edson CDI system which uses a drag link arm rather than a chain cable system. We were very careful to design the system to maximize the "Feel" by using a short tiller arm on the rudder post and longer tiller arm on the pedestal - resulting in 1.2 turns of the wheel lock-to-lock. To solve the leverage issue mentioned in this thread, I used a light-weight 44 inch wheel - the largest I could fit in the cockpit. I also moved the throttle and clutch controls from the front of the cockpit back to behind the wheel without changing the cables. The result in my opinion is fantastic, but I did sail the boat for two seasons with the tiller before I installed the wheel system.
The previous owner, who sailed the boat with the tiller for fourteen years also commented that none of the "Rudder feel" was lost in the conversion - and even Seth was impressed by the rudder feedback.
The system added about 13 lbs. near the back of the boat, and it tempts me to stand behind the wheel (adding more weight aft). But in upwind situations, I find that by sitting on the coaming in front of the wheel, I can steer the boat with one hand, see the waves and the telltales, and balance the boat easily. Downwind, I stand behind the wheel and find that it is MUCH easier to keep the boat stable in high winds than with the tiller. For me, I get a perfect symmetrical perspective from the standing position and am much more comfortable than sitting on one side with the tiller.
Installation was a bit challenging, but the most difficult part was modifying the rudder tube to expose enough of the rudder shaft to mount the tiller arm (quadrant for a chain-rope installation). I also had to re-route one of the scuppers, but the entire process took me less than 40 hours and cost a bit more than $3000.
The hidden benefit is the integrated wheel lock. It serves as a short-term autopilot that easily allows me to lock the wheel while underway and head to the mast, bow, or below for a minute or two.
Having sailed with the wheel for two years, I wouldn't hesitate to do the conversion again - I like the boat a LOT better with the wheel.
Steve