I can do you one better. I can set up you up some aliases so that way mousewheel only makes you jump while you're holding a key (like V), and acts normal when you're not holding that key. You can do this with any binds, really.

Put something like this in your autoexec (Aliases have to be put in config files, since they're not kept between sessions, and so you can't use just the console for this, or you'll have to do it every time you play):

alias +bhop "bind mwheelup +jump; bind mwheeldown +jump"
alias -bhop "bind mwheelup invprev; bind mwheeldown invnext"
bind v +bhop

You can replace "v" with any key you would want to hold down.

that would be good if you didn't want fluid gameplay. Holding down another button to allow you to jump would be too distracting. Why bother?

I've used it for a long time now, and I never really had any issues with fluid gameplay with it. Tbf, I've played games for a really long time (especially source games) and am used to things like that. However, even when I first created the system back in like, 2014, I still had plenty fluid gameplay with it.

If that doesn't work so well for you though, you can also create a toggle system. Like the first one, it uses aliases, but instead you either change the alias, or the bind. Usually if I do a toggle (which I usually don't), I use binds.

alias bhopon "bind mwheelup +jump; bind mwheeldown +jump; bind v bhopoff"
alias bhopoff "bind mwheelup invprev; bind mwheeldown invnext; bind v bhopon"
bind v bhopon

The only complaint I have with a system like that is that you have to change every "v" in there if you want to change it to a different key, unless you're changing the aliases. But, if you don't like the original system I gave, this one might work better for you.