Hi,
It’s not common to be able to change the PitchBend wheel to send other MIDI message. But I can’t say if this device can it can’t do so. Again, you could solve this in Cubase Pro by using Input Transformer.
Are you really sure you would like to use the PitchBend wheel? This one is very specific, because it always returns back to the center when you release it.
True. I forgot it returns to the center.
Upgrade to Cubase pro will have to wait if I want to buy a new midi controller 
I’m surprised how hard it is to find a midi controller with a nice designated CC11 wheel. Expression is so important. It doesn’t make sense…but if one of the faders can be assigned…I guess that’s better than nothing. Also none of these midi controllers at this price range which i also considered have an input for an expression pedal which is unfortunate too.