Hi, i have run into a problem i can't easily describe (again ;))
Think about this car wheel. You can't use the self-mesh because it is too complex.

So you either have the option to use a sphere, which is not physically correct for a wheel.

It works. Because it has clean and even surface for physics simulation. However, not correct. The car will drift to the sides.
If you use the convex hull, there will be a problem.
The convex hull only works as long as you don't set a pivot for it. This is a bug. Here an example with an actual physics prop from the iClone stock content.
It has physics already enabled and shape set to convex hull. Looks good, right?

Setting the pivot to center causes this:

Now what is left is the idea of using a dummy wheel, which will be just a prop that you attach the real wheel to.
But that dummy prop has the same issue. Self-mesh doesn't produce a clean surface (still there are edges).

And the convex hull doesn't do it right from the start, since the pivot is already set.