It would be possible to make this extension configurable, but that would be a relatively large amount of work for an extension that's only about 5 lines of code in total. I've always used Ctrl+Wheel for scrolling, and never understood why the frequently used scroll wheel would be turned into an infrequently used zoom wheel, so this extension has me covered. :)
+1 for alt+wheel for zoom..
I don't think it needs to be configurable, since mouse wheel is not configurable in VS settings and you can't map it to anything else...
And although zoom is very rarely needed.. Still nice to keep around :)