Don't close the wheel, but keep it simple. About the only new wrinkle that's really helpful is to delay putting the links in the properties until after they've 'aged' a few weeks. Otherwise, the classic wheel of 6-10 elements that all link to your site, but link to each other in a one-way loop (with the last link left out) is really all you need. The elements are supposed to mostly reinforce each other, and the target site as well. As in:
Hubpages--->Squidoo--->Weebly--->WetPaint--->Propeller--->Tumblr
AND, each also points to your site
with the last element not linking back to the first, OR if you feel compelled to complete, with a sub wheel around it, all pointing to the first element. As in:
SubE1-->SubE2-->SubE3-->SubE4, each points to Tumblr, AND to Hubpages
If you have a related site with a linkwheel, the last element of wheel A could link to the first element of wheel B, if you wanted to not waste it. Of course you keep abreast of the SE state of things and use the elements that are currently working. The original point behind using Web 2.0 was the search engines spider and index the elements anyway in a natural cycle, thus allowing the artificiality of your site network to not get noticed.
The whole usefulness of the linkwheel concept was in permitting one to slap a WH, rank-building backweb around any blog or even a 1 page site in a quick and dirty way, without all the complex finangling, so BHers could focus on other things. What I think happened is some folks have made the perfect the enemy of the good, and want to tease the method to create the "ultimate undetectable" wheel as opposed to a simple and useful one.
Others have frankly wanted to take a simple wheel that anybody could build, and monetize it with bells and whistles, as in "buy my fancy super pro expert link wheel system" service. If an IMer spent money to set up every wheel for each site via an expert, they likely would have little left over for getting domains, hosting and other expenses. I say keep it simple and free, stop reinventing the wheel.