Daz, I really don't think Spherical wrapping is the best mode for this case. There is no way to map a plane image onto a spherical surface without distortion. The attached image shows your image Arbitrary Plane wrapped onto a hemisphere, and I kinda think this is the best approach here. In the Wrapping dialog, set Scale=100; Aspect Ratio=1; Origin=-50,-50,0; Normal Vector=0,0,1; Up=0,1,0.
(Spherical wrapping lets you -- for example -- wrap a Mercator map of the world onto a sphere and thereby create a model of a World globe. But note that a Mercator map is horribly distorted near the polar regions and the distortion caused by Spherical wrapping "undistorts" the original image.)