I'm really no expert but my experiences with a standard road tyre were never great so I'd look at a specific tyre if I were you.
A wheel stand is just to keep the bars from turning and to keep the bike level – I made one by putting a groove in an old piece of wood.
I found the variable resistance on mine to be great for a bit of interval training (and to keep it interesting )so I'd recommend that too. Using a turbo trainer can be mighty boring so positioning it in front of MTV can be useful.
Also – I found I got very, very hot and had to buy a big fan which sits on the floor and angles upwards to keep you cool (got mine from B&Q).
I'm selling mine on here as, a bit like you, it was really useful for a while but I just never use it any more. You might want to think about getting something popular which you can sell on easily when your wrist has healed.
N.