If the treadmill can exactly match the speed of the wheels, then I don't think it will take off, since there will be no air passing over the wings, so no pressure difference between above the wing and below it, hence no lift force. The problem is that in the real world, no such treadmill would be able to be made.
If more of us valued food and cheer and song above hoarded gold, it would be a merrier world. - J.R.R Tolkien
