I have often seen Model A owners and restorers note that 1/8" was the factory tolerance for wheel wobble. When I straighten wheels, I usually can get them well within this limit.
1/8" wobble up and close to you when you are working on a wheel catches your attention. Given this limit from the factory, I would say that doubling this amount on the road at moderate speeds would probably cause no harm to the car but would be seen by anyone following you.
These wheels are not that hard to straighten. Go to the
DIY Help page of my website and look at:
Wheel Wobble Reduction by Spoke shrinking
To get to my website click on this link:
www.durableperformance.net
Good Day!