Mousewheel is still digital (usually),
I would suggest instead for completely analog control, use MODIFIER+MOUSE
like CTRL+MOUSE
it would be similar to the old Half-Life engine's "strafe modifier" key, when pressed, moving the mouse left/right allowed you to adjust your left/right position to arbitrary fluidity. This could work in all directions (up/down, left/right) with the only disadv. being temporarily loss of mouse to control aiming, but the adv. of being to able to set any stance with 2 degrees of freedom (x and y). Optionally, another modifier can be used to control z stance adjustment so we don't have to do silly things like crouch-walk just to inch a little bit forward- just hold modifier and move the mouse forward;