Don't those things have pressed steel wheels?
If that's the case, I think the tyre is glued on, so this may have discouraged a previous owner from doing it properly.
Use the search on here (right hand side box): Some years back OllyPJ had a blade ping dramatically on his Record, and I think that damaged the top wheel's tyre. Anyway, he documented how he fitted a new one made of cork, and even crowned it successfully. I can't remember if it was the same model though.
I was really nervous changing tyres the first time on mine (they're in a trough around the rim), but having done it once before, it now doesn't bother me. I did the bottom one on my saw a few of weeks ago, and the blade flutter (and noise when idling) dramatically improved. But mine are presently rubber tyres and they do perish regularly (and it's a smaller saw and not a Record).
Anyway, if you can find Olly's thread it ought to help. And you really do need to clean up the wheel(s) first: the old rubbish left underneath will mess with the geometry, and randomly increase the diameter. This in turn will upset the tracking, guides, flutter, etc. (probably). If you do it properly, I'd expect a dramatic improvement in quality of cut, and ability to track blades properly, etc. It might also be worth changing the bearings at the same time - they are usually standard parts on the small saws (so cheaper and possibly better from specialist bearing suppliers on the net). It sounds like it wasn't well cared-for in a previous life. In my very limited experience, bandsaw TLC pays dividends in quality of cut, etc.
E.