I have a similar situation right now.. I have a 12 or so inch Oscar in with a 11 - 12 inch Marbled Goby. The Goby has nipped the Oscar about 4 - 5 times, each time causing nothing greater than minor scale damage/minor tissue damage.
I know wolf fish have much more BITE than their bark unlike my Goby.. so I'm not sure what to tell you. You could try to cohab them and put them apart if things don't go well.. I know my Goby wont kill the Oscar because he can't swallow him whole.. but a wolf fish will just attack to "dismember" and eat something in pieces LOL
so.. like me you could take the risk and go with the flow or get the wolf and put it into another tank as they are very impressive and amazing fish.. I just think he may take actual CHUNKS out of your fish unlike the small amount of damage I have seen..
Good luck!