The topic of one of my math courses over the past two weeks has been cryptanalysis and ciphers. Over that time, my professor has passed out numerous letter-related handouts, one of which is a table with the frequency of letters in the English alphabet. Below is that table.
E 0.1304 (i.e. the letter E appears in the sample text 13.04% of the time)
T 0.1045
A 0.0856
O 0.0797
N 0.0707
R 0.0677
I 0.0627
S 0.0607
H 0.0528
D 0.0378
L 0.0339
F 0.0289
C 0.0279
M 0.0249
U 0.0249
G 0.0199
P 0.0199
Y 0.0199
W 0.0149
B 0.0139
V 0.0092
K 0.0042
X 0.0017
J 0.0013
Q 0.0012
Z 0.0008
Unfortunately, I don't know where this letter sample came from. It could've come from texts, newspapers...I really don't know. This table came from a college-level book about cryptanalysis, so I'd believe large samples of text were used.
As you can see from the above list, the five most common consonants are T, N, R, S, and H. Does this mean players on Wheel have put too much faith in L all these years?
Also, at the bonus round, if you don't have an idea about the puzzle, the numbers above say you should pick the H, D, F, and A. I don't watch Wheel as much as I used to, but I don't recall many people picking F's and H's at bonus land.
Do my theories hold water? Feel free to poke as many holes in it as you want.