Ian@StEnochs
Western Thunderer

There you are Richard, a section through a Slaters Barclay Industrial driving wheel which got damaged so I cut a section to see what leeway there was for reducing the thickness. I expect the other wheels in the range share similar tyre profiles.
Most of my wheel work has been drivers and bogie wheels. Wagon wheels I have just used the S7 wheels from the trade. However I have reprofiled Slaters Martin Finnie bogie wheels, which use a 5/32axle, exactly the same way I would do wagon wheels. Just as described in my previous post then using a holder very similar to yours clamped by the tailstock. As long as you use a very fine feed and take off the minimum metal your wheel shouldn’t slip but as I have a Myford the clamping pressure will be much higher than your Cowells.
