Lawrence,
I don't know what tools you have available to you. I have made many wheels over the years, and to do mine, I use three tools. The band saw, the mini lathe and the drill press.
For the outside diameter of the wheel, hole saws are fine to a point. But if the wheel uses an axle smaller than 1/4", you're kinda screwed. The wood often burns terribly if the wheel is very thick, or made of a hardwood. You are limited to the diameters of the wheel by what size hole saws are available, and it it very expensive to make several sizes. So to avoid ALL of these issues, I made a circle cutting jig for the band saw. Very easy to make and costs zero dollars. You can Google "circle cutting jigs" and see how to do it. There are a few advantages to using a jig. You can cut a wheel as small as 1/2" or so, or you can cut one as large as your saw allows. The wheel will come out perfectly round, and with no burn marks. And finally, there is no hole in the center, so you can drill a hole for the axle any size you want.
After the wheel is cut to size, I move to the lathe, and mount the wheel on a screw chuck. I can then either sand the edges over, or I can use a gouge to round over and shape the edges. For treaded tires, I made a cutter out of spring steel with the same profile as the factory made wheel, and cut the face of the wheel. I then use a parting tool to cut treads in the tire. Again, the screw chuck and the profile cutter cost me nothing.
After this, I go to the drill press, and use a Forstner bit to drill part way through, making the hub of the wheel. I then drill my hole to the size that I need for the axle.
The two attached photos are 2-3/4" wheels that are used on trucks. The one on the left is the store bought wheel (about $2.00 each), and the one on the right is one that I made using scrap wood (cost nothing). So you can see, that not only do I get a very good looking wheel, I have practically nothing (other than a little time) in them. And when you are building a semi truck and trailer that takes 18 or 19 wheels, it can get expensive to buy them.
Hope this helps. If you need any other help, don't hesitate to ask.
Jim