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Interesting fact: Glest once supported animated texture co-ordinates.
I discovered this while building G3dHack, the only model in magitech with such data is wicker_behemoth_morph.g3d, but you wont see the effect in game because support for it was removed in the engine. (But I implemented it in G3dHack, because I was very curious, so if anyone wants to check it out, load up wicker_behemoth_morph.g3d, set anim speed to about 50 and press play).
Doesn't look fantastic for the wicker behemoth, but I bet it would be great for this: ie, static wheel geometry, with animated texture on the sides.
Of course the blender exporter doesn't support this anyway, so its largely a moot point. But maybe something to consider bringing back in the future.
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Edit: Will actually beat me to this, but I missed his thread from dec... .
https://forum.megaglest.org/index.php?topic=6291.0