So... You're an engineer and you don't know about Newton's law and rotational inertia.... Scary.
In point of fact, Newton has three laws of motion, not one. Also, when you describe rotational inertia, I'm going to assume you mean 'angular impulse and momentum'.
The 'intertia' of the wheels as you put it however, is not applicable in this situation, and only acts as a resistance to the thrust of the airplane while spinning, similar to how air friction (drag) would.
This hypothetical scenario can be mathematically described with a free body diagram. The reason I used the sled example was to try to show it in laymans terms so it can be understood more easily. The wheel and sled both serve to highlight the frictionless interaction between plane and undercarriage.
Of course in a real world situation, the sled and snow conveyor belt would generate 'some' friction which the planes thrust would have to overcome. Same goes for the wheels, the planes thrust would have to overcome the inertial resistance you mention.
There is no debate, the plane flies. It is a mathematical certainty.