It's interesting that the donkey wheel looks a little bit like a steering wheel from a ship. Well maybe not...
What /is/ interesting is the correlation between the Black Rock being in the middle of the island and [possibly] the Black Rock's steering wheel controlling the island's movements.
I think McLoophole dragged Richard's boat to its current location (in smoke form of course), the reason being that he doesn't want anyone leaving the island (if they leave, they could bring more people back). McLoophole then manipulates one or more of Richard's crew to bring the wheel down to its current location (or else he does it himself). Now he has a way to move the island.
Remember, he doesn't like people...he was annoyed that Jacob brought the Black Rock in the first place, while Jacob does like people. Jacob probably never wanted the island to move at all.
It explains the 'Help Me' scene at the cabin. When McLoophole removed Ben's leg shackles by using the Force, it showed that he was probably the one that made jars and lanterns fly around in the cabin. He wanted to freak out Ben so that he wouldn't step into the cabin the next time. Remember, Ben was sitting on a log eating a candy bar with Hurley when Christian (McLoophole) told Locke to move the island. McLoophole didn't want Ben in the cabin, he wanted Locke to feel important and to be manipulated.
His ultimate goal was finding the loophole, but I think he had a lot of motivation for bouncing the island through space and time.
On a side note, it was really interesting that Christian wouldn't help Locke to his feet when he fell down the well. Jacob's touch obviously means something important (Richard said it was more like a curse), clearly McLoophole's touch must mean something as well....