---- To my knowledge, the wheel group is
		commonly used as a super-user group on BSD and is pretty much not
		involved in Linux stuff except that you may want to use NIS type of
		UID/GID designations. Linux uses other groups such as adm/disk for these
		types of elevated privileges.

I generally use it to grant su privileges as well as sudo privileges. Only members of the wheel group can use su, and only members of wheel can use sudo.

Inside /etc/pam.d/su:

 # Uncomment the following line to require a
		user to be in the "wheel" group. #auth       required
		/lib/security/$ISA/pam_wheel.so use_uid

If you uncomment - only wheel members can "su".

Alternately the line above that group can implicitly trust users who are members of that group - great for internal systems with controlled access - but a nightmare on any other machine - especially if the account member has a simple/weak password.

Inside /etc/sudoers:

# Uncomment to allow people in group wheel to
		run all commands #%wheel  ALL=(ALL)       ALL

If you uncomment - people within wheel can run sudo (using a password) to execute commands as root. There's another set below which could do the same w/o requiring a password - again see comments above.

Other than that, I don't see much other use for it - but I'm sure some files in the file system are group owned by wheel which may grant members additional rights w/o being root.

You could also make su owned by group "wheel or similar, make it mode 4550, and add the allowed users to that group.
You can restrcit the root access to the system based on the ip with the help of the setting in /etc/ssh/sshd_config

vi /etc/ssh/sshd_config
DenyUsers root@10.65.6.123 root@10.65.1.58 root@203.133.123.343

So this will restrcit root access from the specified ips.

OR alternate setting is
vi /etc/ssh/sshd_config
AllowUsers root@10.54.6.12  root@10.65.2.12
PermitRootLogin no

So this will deny root access from all ips except the ip;s mentioned in the AllowUsers list

So you can use the options provided above accordingly to suit your requirement.

In case of further doubts or queries, feel free to get back to us.