It is possible to have Car A with wheelbase longer than Car B, yet Car A still has a smaller diameter turning circle than B. If you can package the front end so the steering angle of the front wheels is greater, then theoretically you can have a smaller turning circle.
But this is quite different from having greater speed through a steady state corner.
@ Mike - if you haven't read it already, take a look at Brian Beckman's Physics of Racing - I'm sure someone has linked to it somewhere on F1T, but here it is anyway:
http://phors.locost7.info/contents.htm.
If you read Part 5, you will notice that the width (track) of the vehicle is a variable that must be considered when "Calculating" the ideal line. Wheel base doesn't feature because we assume that on a racing track the tightest corner still has a larger radius than the minimum turning circle of the race car.
Mike, your analogy of a bus is correct in the real world because a bus has to drive around corners where the corner radius is close to the minimum turning circle of the bus. On a race track, this is not the case.