Not recommended — #26 of 31 Wool ranks #26 of 31 fabrics for chafe resistance. It is a poor fabric for this. Ranked with a smooth-fibre bonus plus low weight and breathability. The top pick is Silk.
Wool measures 55/100 for breathability, 15% moisture regain, 85/100 warmth, at 280 gsm. Chafe resistance rewards a smooth, light surface: Wool has more surface texture at 280 gsm.