* using freewheel AND newmouse makes no sense *
correct?
No. NewMouse is for serial mice what cocolino.driver is for the Cocolino. FreeWheel is needed in both cases.
If you have a Cocolino, you need cocolino.driver. If you have a serial mouse connected to the serial port, you need NewMouse. If you have both mice, you need both drivers. FreeWheel is needed in any case.
then I'm afraid my mouse is not entirely compatible with the cocolino driver,
This might or might not be the case. Do you connect the mouse directly to the Cocolino or through a KVM switch ? If you use a KVM switch you should make sure that the Amiga is the first computer which is powered up and the KVM should be switched to the Amiga when the Amiga is powered up.
or freewheel.
A mouse cannot be incompatible with FreeWheel. FreeWheel does nothing with the mouse. It just translates input events. If there are no events, it does nothing. The driver is responsible to create the events, not FreeWheel.