That sounds like a great plan! I often go to the co-op with a load of stuff: framesets, bars, whatever; typically donor bikes, sometimes bikes I got cheap and just wanted to donate (like an Austrian Free Spirit 3 speed). They are more than happy to let me find an item or two that I can use, I might pick up a seat post, something small for sure, just something I can use. Win/win. Right now, my pickup is full for the co-op, that needs to be tomorrow's project.

By all means, let them repurpose your old wheels, that's part of the cycle of reuse. And for those of us fortunate enough to find nice bike stuff cheap, sharing some of it brings good bike karma.