The wheels do have play in the bearings.
Since the blade is not dependent upon the wheels for alignment/tracking, the wobble is not terribly worrisome.
Do realize this design is different from most if not all other bandsaws.
If you have not yet noticed, the outer rim is beveled(the outboard side is larger than the inboard side.
The blade does not track like a typical bandsaw because of that.
The blade is guided onto the upper wheel by the rear guide bearing as it approaches the wheel.
The blade is similarly guided onto the lower wheel by the lower guide bearing.
The upper wheel is canted so as to force the blade into the rear guide bearing.(i.e. the wheels are NOT 'coplaner').
This results in the blade 'leaning' back at the top relative to vertical.
I mention these 'details' so you will not be concerned when you 'discover' them.
I am, surprised at your comment re adjustments being 'easy'. There is one that is a real PITA.
I am posting this as is, but will come back and add a link to MHO on how it should be 'adjusted'.
Adjustment thread - https://forum.shopsmith.com/viewtopic.php?t=8542
Reassembly thread - https://forum.shopsmith.com/viewtopic.php?t=12208