Can the mouse wheel be used while dragging/dropping?

You could get a global MouseWheel with a keyboard hook.

using System;
using System.ComponentModel;
using System.Runtime.InteropServices;
using System.Windows.Forms;
using Microsoft.Win32.SafeHandles;

using BOOL = System.Boolean;
using DWORD = System.UInt32;
using HHOOK = SafeHookHandle;
using HINSTANCE = System.IntPtr;
using HOOKPROC = HookProc;
using LPARAM = System.IntPtr;
using LRESULT = System.IntPtr;
using POINT = System.Drawing.Point;
using ULONG_PTR = System.IntPtr;
using WPARAM = System.IntPtr;

public delegate LRESULT HookProc(int nCode, WPARAM wParam, LPARAM lParam);

internal static class NativeMethods
{
    [DllImport("User32.dll", SetLastError = true)]
    internal static extern HHOOK SetWindowsHookEx(
        HookType idHook,
        HOOKPROC lpfn,
        HINSTANCE hMod,
        DWORD dwThreadId);

    [DllImport("User32.dll")]
    internal static extern LRESULT CallNextHookEx(
        HHOOK hhk,
        int nCode,
        WPARAM wParam,
        LPARAM lParam);

    [DllImport("User32.dll", SetLastError = true)]
    [return: MarshalAs(UnmanagedType.Bool)]
    internal static extern BOOL UnhookWindowsHookEx(
        IntPtr hhk);

    [DllImport("kernel32.dll", CharSet = CharSet.Auto)]
    public static extern IntPtr GetModuleHandle(string lpModuleName);
}

internal static class NativeTypes
{
    internal enum MSLLHOOKSTRUCTFlags : uint
    {
        LLMHF_INJECTED = 0x00000001U,
    }

    [StructLayout(LayoutKind.Sequential)]
    internal struct MSLLHOOKSTRUCT
    {
        internal POINT pt;
        internal DWORD mouseData;
        internal MSLLHOOKSTRUCTFlags flags;
        internal DWORD time;
        internal ULONG_PTR dwExtraInfo;
    }
}

internal static class NativeConstants
{
    internal const int WH_MOUSE_LL = 14;

    internal const int HC_ACTION = 0;

    internal const int WM_MOUSEWHEEL = 0x020A;
    internal const int WM_MOUSEHWHEEL = 0x020E;

    internal const int WHEEL_DELTA = 120;
}

public enum Hook