Dials have been used on a number of board games.
They have usually been used on the main board as randomizers; in this role, the archetypical ones are Life and Nuclear War. Life uses a plastic base affixed to the board and a plastic wheel setting on a pin in the base, which is spun. In Nuclear War, its a plastic arrow connected to a hub, and the hub passes through a hole on the cardstock display.
The other common mode is as a choice indicator. The most notable use being Avalon Hill's Dune boardgame, but several other designer games make use of them. Almost all of these use a pair of cardboard wheels with a plastic hub, sometimes 1 piece, sometimes 2 pieces, separate from the main board.
Rarely used, but I've seen it done, is a cardboard disk with a hub which drops into a hole drilled into the board. Chaos in the old world does this with 4 dials.
Another mode is just a marker which sits on a dial printed on the board. Supremacy, Imperial, and a many others use variations on this, either linear as with Supremacy, or circular as with Imperial. Note that this allows "overloading" a given track by having multiple markers on the same track, as with Supremacy using a black disk on the player board for Nukes and L-Stars, and colored disks for Neutron Bombs (on the Nukes track) and K-Sats (on the L-Stars Track). One of the optional rules is to use colored markers for the action type bids, placing them on the turn outline as if it were a track.
So, yes, there are multiple ways to create and use pseudo-lock-dial displays, and spiners. Plastic hub and arrow assemblies are standard parts commercially available in bulk. Plastic hubs are available as well. Bindery Screw Posts can be purchased as well, which can be used with cardboard or plastic wheels to bind them to cardboard boards.