What use(s) are envisioneed for this artifact? What, if anything, is (or can be) known of its history? Is there anything that makes it more “preservation worthy” than other wagon wheels of comparable age that have survived on dry land? What staff and budget commitments are available to support preservation efforts?
Those are the immediate questions that pop into my mind in response to this inquiry.
A lengthy (probably months-long) immersion in a heated bath of high-molecular-weight polyethylene glycol (PEG) might be a tried and true way to go, but it probably makes sense to take a slightly jaundiced view of any such proposal ans ask whether there’s anything so special about this wheel or its history of submergence that makes it worth the investment that its preservation would require.