https://autohotkey.com

This Auto Hotkey (AHK) script will allow you to fluently scroll through your favorites bar as if they were bound to the Mouse Wheel. Sadly, I could not get the wheel to unbind itself from Fallout, but if you can then this script can easily be modified to work with it. I will upload the .ahk file, however I will also post it here so you can look at it. I have added comments to the file to make it easier to understand.

Simply put, the code has a variable with a starting slot number. When you press a key, it adds or subtracts 1 to that number, then switches to the slot with the same keyboard number. In my game, I use slot 1 for Stimpacks; there is code to skip number 1 included but is commented out by default.

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; Semicolon before a line tells AHK to ignore that line.
; SingleInstance means the script can only run one at a time.
; Persistent makes it repeat until exited.
; WinActive tells it to only work while Fallout4 is running.
; InstallMouseHook tells AHK that the mouse will be used.
;
; Colon and Equals together ( := ) sets a value.
;
; Mouse & Keyboard commands:
; https://autohotkey.com/docs/KeyList.htm

#SingleInstance Force
#Persistent
#IfWinActive ahk_class Fallout4
#InstallMouseHook

; Create a variable called 'weap_slot' and set it to 1
weap_slot := 1

; -----Ascends the weapon wheel-----

; Mouse button 5 (Forward)
XButton2::
weap_slot := weap_slot+1

; If the hotbar value is 10, set it to 0
if (weap_slot > 9)
weap_slot := 0

; Remove the semicolons in the following lines if you use slot 1 for Stimpacks like I do.
;if (weap_slot = 1)
;weap_slot := 2

Goto change_weapon

; -----Descends the weapon wheel-----

; Mouse button 4 (Back)
XButton1::
weap_slot := weap_slot-1

; Remove the semicolons in the following lines if you use slot 1 for Stimpacks like I do.
;if (weap_slot = 1)
;weap_slot := 0

; If the hotbar value is in the negatives, send it to 9.
if (weap_slot < 0)
weap_slot := 9

Goto change_weapon

; Menu title has a colon after its name.
change_weapon:
SetKeyDelay, 20,50
SendEvent, %weap_slot%
Return