I did exactly that a few weeks ago to animate the reels on a still of an old movie projector. It took a little fiddling to get it close enough, but it worked.
You can also create the PNG image just contain the 'wheel' (and the data is just circle).
Make template of 'complete image' for temporary re-positioning of final image, and after you have that, you can 'rotate' it with simple event pan/crop.