Hi John,
It's strange you should be asking about grinding wheel run-out, as I've just had an issue with a supplier, I bought a new 900W 200mm x 30mm bench grinder for £160.
It arrived with a broken base casting, they sent out a new base immediately, I re-built it then tried it.
The wheels ran out by a long way, one more so than the other, so they sent out a new wheel, and that ran out just as bad.
I liked the grinder so persevered, I checked the spindles for truth, they were within 0.0015" TIR.
After making a dummy shaft in the lathe to mount the flanges on, I skimmed the sides true.
But the mounting flanges were 0.010" larger in the bores, this is what seemed to be causing the run-out of the wheels.
I bored out the wheels truer than they were, then made new flanges to suit that new bore size, (I will be able to true up replacement wheels to the larger mounting flange)
There is only slight peripheral run-out, which I will dress when necessary, but the sides now run true.
Chris