Using Joystick.setXAxis() and counting pulses with an encoder works quite well, zero latency spinning the wheel and it acts almost exactly like the real thing. A quarter turn of the wheel changes the attitude of the plane and the physical wheel moves 1:1 with the sim’s trim wheel. Without feedback I can’t see it being any better. Using an encoder has the bonus feature of it always initializes in the center since the wheel does not send a value until it’s moved and the code sends a center value when it initializes. No idea what the fight with the autopilot is going to look like 
But it’s odd why Honeycomb did not use an axis with their trim wheel and instead used joystick button presses? Surely they have a direct line to Asobo?