You're supposedly supposed to pick your loadouts in the menus before the match starts, kind of like CoD's custom class feature but with guns only.
Then you select whichever weapon loadout you want for that specific moment by highlighting that part of the circle and hitting the activation key.
So in-game, by selecting the Weapons Select part of the wheel, you would get another wheel of all of the weapons available to you?
In regards to the gloves issue: Will other players be able to see these gloves, or does everybody run around bare-handed?
You probably could, but it would be a little difficult to tell who is what class.