George,

Cherry will wear pretty fast regardless of lubricant if the wheel is used by a serious spinner (I live with one). 

Have you thought about a split bearing of delrin?   Half bearings (bottom half) are not uncommon as they accommodate gravity and most side thrust.  Top half not required, but looks symetrical.   See an example on the electric eel spinning machine. 

Dense woods that are durable for bearings (commonly used as half bearings) are lignum vitae and hop hornbeam. 

If it is going to be a decorative wheel, a strip of poly under the axle will do.

I steel wooled the one part that was too shiny and brought it back to what I think looks good. Finished all the other parts with just one coat of the Minwax product buffed slightly. Need to start on the peddle assembly but waiting for some wood to come in from Rockler. Other than that the wheel seems to spin the bobbin assembly really nice on the Delrin bearings. I'm using a couple of standard nylon bushings on the Treadle bar. Hope this post is still on the correct Forum?

The Gallery would be the best place for it.
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