Certainly you should at least have wheel reflectors if you ride on roads at night. Most auto/bike accidents are not due to "overtaking" but occur at intersections and driveways, so side visibility is important. And some sort of light or reflector on the wheels is much more effective than on the fixed part of the bike, since the motion gets your attention quickly.
The question would be what style of light/reflector is reasonably bright/effective while not weighing too much or being too bulky and not requiring frequent battery changes. The light needs to be steady or rapidly flashing, as a slow-flashing moving light will be more disorienting than effective.
And, of course, turning them on/off is an issue. They could be centrifugally activated, but then they would tend to go dark when you slowed substantially, probably not a good idea.