Mike Bauers wrote:

I see I should post a close-up pic of an AHM wheel set nested in a
three jaw mill chuck. It's a very small amount of material in the
cross section that gets removed.

Yes please. I can't quite picture what you are suggesting - unless it is
merely gripping one wheel by its tread, with its flange and the opposing
wheel protruding.

There are pre-made RP-25 profile cutters available that would cut
both wheel taper and flange in one bite from a blank.....

Yes, and I have used several with varying degrees of success.

or re-shape a really poor wheel to proper profile.

Probably not. It would wreck it first unless the wheel could be very
rigidly mounted and supported fully (if spoked) in a lathe possessing a bit
of heft.

In most cases, you are only removing a very few thousandth's of metal.

Yes, but it is being removed simultaneously over a wide cutting face, thus
exerting tremendous pressure on the wheel. Brass does turn readily with
form tools but other materials can be troublesome and often tear, because of
a lack of side clearance inherent in form tools. Ferrous materials need
quick tool withdrawal to prevent rubbing, but this leaves a step in the
diameter.

Try it, but best not with someone else's wheels. Then advise us - but
please, not before some practical experience.

--Brian McKenzie