Personally I've not had problems with bounces doing wheelers, but like pbloore I am afraid of the swerve as the tail comes down (and God help you if you rush things and pull back on the stick before the tail is through flying!
).
I know that the above phobia is a symptom of poor pilot technique, and I intend to get some special instruction. Left to my own devices, I would always three-point, but as FFF suggests, sometimes that is not an option.