Yes Mr T you are correct....the two are more or less analogous.
The difference being on the wet stuff you must correct for both wind and tide, in the air you correct for wind only.
The whiz-wheel (or circular slide rule) is a handraulicly operated flight computer which only works if you practice with it, you perform you SDT calcs, fuel consumption calcs, wind drift calcs etc on it...the benefits are it does not need batteries, does not break when dropped and will continue to function even when the yanks reactivate the selective availability on the GPS when DS # 2 kicks off in a few weeks time.