On my router, you can isolate the wireless LAN from the Ethernet LAN ("Disable traffic between LAN group 1 and LAN group 2"). The router only cost £40 so I assume it's not a specially rare feature. I don't know how well it works, though, I've never used it.
That said, Adrian's point is still correct, that if somebody breaks the WEP, they can freeload the Internet connection, which is bad enough to want to rule it out.