I have tried to bind mouse wheel tilt(and scroll after tilt failed) to rotation, but it simply ignored it. And yes, it saved the configuration.

I use Logitech mx1000 (that one with LOT of buttons).

Thank you in advance.

The mouse wheel buttons act differently than other buttons since you can't really press and then release mousewheelup or down.
So, what VO does is think of the mouse wheel as press and then release right away. Since it is presses and releases the 'button' so quickly, you can't use it to move or rotate. Mainly the wheel is only usable for binary inputs like shooting or selecting, etc...