Saltfever and others;
Here is what I found on these wheels. I mounted the axle and hub securely to the bench. I then mounted the wheel on the hub and indicated it. I then oriented the wheel 1/5th of a revolution to the next stud and indicated, and so on. Interestingly, when I double checked the first location, it indicated differently then it did the first time! What is happening, believe it or not, the sequence you tighten the lugnuts determines how the wheel is centered on the hub becuase you are using the lug nuts to center wheels. Keep in mind we are talking .020" - .025". My solution to this problem was to center the wheel as best as possible on the hub, tightened. I then made a fixture to hold hub and wheel in mill vise. Indicated the 5 on 5 1/2" holes in wheels and pinned the wheels in that location. That wheel is dedicated to that hub, and will be oriented on that hub the same way every time. Now you can true the wheels. After tires are mounted, I will use an inflatable drum sander to true tires. By the way, these hubs are the front which makes a centering ring difficult. For the rear wheels, I will probably use a centering ring, then true wheels. And El Mirage gets closer!
Guys, I'm a newbie and not an expert. But in the building of my car (see "1934 Ford Gas Roadster" under Build Diaries), I've found that every single thing has to be looked at and addressed. That's what makes this so much fun!