After writing a book about my knives, I went out to the shop to play with this bad wheel a bit more.
I shimmed it with a piece of 5 thou feeler gauge left over from another job. I put the shim on the current light side to push the wheel toward the light direction. I could prolly fit a few more thou in there, but the spring action of the shim pushed it as far as it would go anyway. Then I snugged it up on the arbour and put it on my makeshift balancer.
It was a wee bit better than it was before, but not by much. It still takes WAAAAY too much weight to balance.
So ya, it's basically a junk wheel. I'll prolly play with epoxy just for poops N giggles. But not today.