Wings 3D good for making Second Life jewelry?

[micheus]

Assuming I have metal/gem textures, is Wings 3D a good choice for creating jewelry specifically for Second Life, start to finish?

I hope someone else could answer you.
What I can say is that there are people using Wings3d for that. You can find some links related to it googling: "Second Life" Wings3d

Also, with Wings 3D, is it possible to create rigged jewelry models so long dangling earrings move with the avatar's movements?

No, Wings3d does not have rig support.