Yes.
Basic powerful critical is 10% chance to deal extra 50% damage,
By adding more modifiers (8% from wheel, 8 % from item) you make this extra 66% (instead of original 50%)
Possible way to "multiply" the effect is by using lowblow charm which increases the chance to trigger the critical hit from 10% to 18%. It wont affect the damage done, but multiply the amount of critical hits you do.
If you are not using low blow, having "extra damage done" might actually gives you more damage in a long run compared to increased critical hit. iam unfortunately unable to calculate it without knowing precise formula