I'd likely try Bondo. I'd coat the inside of the sheave with something for release agent, lay the sheave on something flat, stand the shaft up on end, center it as much as possible and then pour in the Bondo. When I was done using it I'd chip it out with a chisel and clean it up. I don't envy you position you're in but admire folks who find their way around these kind of obstacles ! What's that old phrase, "need is the mother of invention" 
Don't overlook Bondo as used in body shops for odd jobs. My friend, an apartment manager, uses it to rework door jams after police bust them out on raids! Obviously, his unit is not exactly high rent district!
Brownells Gun Smithing sells a product called Acra-glass. It comes in kit form with release agent and is a great product but not available at the hardware down the street and it's more expensive as it's pretty neat stuff to work with.
[This message has been edited by Your Old Dog (edited 04-29-2005).]
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