I think 99AP is a bit to much.
I agree; what I've noticed many many times with how events and such are done in Eden is that there is a noticeable gap between risk and reward - where the player tends to risk much to not get very much in return. This particular loot wheel is a prime example.
I've seen, in game, so many times where someone has spent lots of money on the game to end up not very well equipped while those who spend nothing of real money and end up rich because they spend the time crafting, and selling their stuff to buy good equipment and such.
For me, in total, I've spent $400 on this game and I can say for certainty I won't be spending any more money because I don't realize a noticeable difference at all with my character's status in game. With my relatively bad luck and how low the rates are on this game, it's hard for me to get anything decent in game while those who are lucky or don't spend much money get a lot. But I digress...
If this loot wheel cost maybe 50AP I could see that it would be more worth spending the time to spend AP trying to get the grand prize without risking losing too much AP in the long run. But that number is just the first number that popped in my head, I'm not good at math but I know a thing or two about risk and reward.