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If the rubber is really hard, and the idler is "toast" anyway, I would try making a groove in the edge that will accept an o-ring. That way, you can renew it as required.
To machine the edge, put the wheel on a bolt with a keeper nut, and chuck it in a drill that is held in a clamp/vise/holder. Use a file to carefully make an indentation in the edge. Just approach things slowly and carefully, using a firm support to rest the file against.
Or, find a friend with an actual lathe.
You'll end up decreasing the diameter, but you'll make that up with the o-ring. The actual diameter shouldn't matter speed-wise, as it's an idler. You only need to get close enough that the mechanism puts it in good contact where necessary.
There's one on ebay that just went for $15, as a point of calibration...
Chip
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