I found a suitable bearing on eBay for $16 (delivered). The vendor is Quality Bearings Belts & Chains, Lexington, KY 40509 (
www.qualitybearingsbeltsandchain.com). The bearing is a 5305-2RS, item number 111730106826. This is an extremely inexpensive, Chinese bearing. A similar SKF bearing costs about $112. Generally, I wouldn’t bite on a deal like this. I would be skeptical of the quality (you get what you pay for). But I figured it would be worth $16 to try the mod out. If it works good, I might consider springing for the gold standard bearing. What the heck, I’ll keep an eye on it. I may end up just leaving the Chinese bearing in place as long as it doesn’t misbehave.
The only machining that must be accomplished is to turn down a shoulder on the left side wheel spacer. Very easy to do. I did the entire job in three hours this afternoon.
I started by measuring how much side play/wobble I had on the pulley rim. Set up a dial indicator and use your hands to wobble the pulley right and left. Mine had .070” wobble. Boy, that’s a lot considering the bike only has 3500 miles on it