I would forget about casting at your small scale, even in the larger scales the process of casting teh hub around the spokes is seldom used. You can use cast hub that are machined but again in your small scale I would just cut them from solid bar, either iron or brass.
For the wheel rims you would be best off machining them from either thick walled steel tube or just slices of round bar, if done right the piece saved from the middle of the rear wheels can be used for teh front wheels. Cast iron will be too brittle for the rims, brass too expensive.
Spokes can be cut from steel sheet.
Here are a few build diaries that will give you an idea of how model traction engines are made. Mostly larger scales as that is the trend but the methods are almost the same for smaller engines.
4" BB1, 4" Burrell, Fowler crane engine, 4" Ruston, 1" Minnie, 3/4" (almost 1:15) Case
Also join Traction Talk Forum and read teh miniatures section
J