Happy to contribute!
Ok, there's nothing like urging on to get the experimentation started.
It was much easier than I thought! I put a power planer to it to see how easily it could be shaved. It worked ok at room temp so I put a bolt through it so it could spin and chucked it in a drill press. With the planer at an angle closer to the bolt axis, it self spun and created the profile desired. I used the most worn wheel to experiment on so that's why the cut looks a bit non-symmetrical.
diameter reduction and shaping (sideways view)
top row: child's size rollerblade wheels/hardware and 1/2" rope.
bottom row: adult size wheels and hardware.
leftmost: razor scooter wheel - even better for wild wheels.
also, backdrop is a roll of spun polyester I freecycled. It reminds me of what one sees on the bottom of a couch, but it is probably landscaping weed block. Could it be strong enough to use as glassed in reinforcement or only suitable as the smooth cosmetic final layer?