No. While wool is a fantastic material for breathability, it's a terrible material for abrasion resistance. I wear a wool shirt no problem as it's not rubbing on anything. I wear a wool base layer when cycling in the winter, but the point between the thighs tends to rub a hole - I can deal with it because it's under another layer and not visible.

I love wool, but it does not hold up to being rubbed against the bike saddle while you're pedalling in my experience.