I don't have an answer for this one, but I have a source you can check: Streetwise Chicago: A History of Chicago Street Names by Don Hayner. I believe it is out of print, but it should be available in libraries.
Wells Street was most likely named in honor of Captain William Wells, the hero of the Fort Dearborn Massacre. Wells was raised by Indians and later became the lead scout for General "Mad" Anthony Wayne. After retiring from the army and settleing at Fort Wayne, he led a party of 30 Miami Indians to escort the regiment posted at Ft. Dearborn and nearby settlers to safety. Wells survived the Indian assault but was killed later trying to rescue Indian prisoners, including his neice Rebekah, who was then married to the fort's commander.