The only risk I'm aware of with wire wheels is a tendency to 'polish' the metal making adhesion problematic. So just make sure you hit those areas with some 80 grit when your done.[/quote]
I did 2 tractors with just a wire wheel. I totally agree about the polishing and lack of primer adhesion. I have several flaking areas on the tractors now. Since then I have tried everything already suggested. What I found worked best are the 3M discs similar to the one above from Harbor Freight. They come in different colors and do wear differently. The blue available at most home improvement stores wear the fastest. The black ones at welding shops are better but the orange industrial last the longest in my experience. They will remove the paint quite fast as well as any rust but do not remove any good metal. For me they work way better than any sanding. For smaller areas I like the 3M roloc discs.
http://i99.photobucket.com/albums/l286/Hookalatch/ural/Ural031.jpg