Most locking wheel nuts work by being large, round and impossible to get a strong enough grippy tool down the hole in the wheel , so a bare locking nut would soon fall victim to somebody with a pair of Knipex channel lock pliers. You would have to bolt on the hub part of an otherwise knackered alloy wheel to make it more effective, or something that fitted the studs (wheel spacer ?? ) with a welded on tube that the locking nut goes down inside. And then make it out of decent hardened steel. Or in fact why not weld the stand part to it too. Basically a square wheel.... But it could work. Make sure its a rear wheel, otherwise you just tow it out and the stand falls over , the corner drops a bit and the bus carries on going on three wheels.
I'm sure we all chuckle at films where someone grabs a handful of wires under the dash, sparks a couple together and drives off conveniently ignoring the steering lock. If I understand correctly buses are usually nicked using recovery vehicles (the perfect disguise) and all the imobilising in the world won't stop that. IMO the best one can do is make sure the steering lock has engaged with the wheels as near to full lock as possible. Even then, front on a dolly, snip the handbrake cables and away.
Anyone who screwed on their front indicator bulb housings rather than using steel rivets as VW did might want to think about that.