We did some pulley launches as you describe at Sunflower about 10 years ago. We started with the front rim off a lawnmower tractor. You may find this shocking but is no where nearly built strong enough to handle the rotation speed or the load of a ground launch. there was smoke involved.
Then set up a pully using a trailer hub and rim from Tractor supply. That worked great. It's designed to spin at highway speed and carry a couple thousand pounds. It was set up to plug into the 2" receiver on my Subaru Outback.
Launch heights were noticeably higher, getting our nosehook 2-33 to 1400 ft instead of 900 or so, for example. But it required twice the length of rope and extra manpower, anchor vehicle, etc. So we have gone back to straight auto tow since that is pretty easy and low stress on our 7000 ft runway.