If you are good with mechanical stuff perhaps you could grind the wheel down enough to make it round again. Or perhaps replace the rubber with an O ring. Being an idler, the diameter isn't critical.
The cartridge is a lost cause; you can either rebuild it or replace it. I guess you'd need to find a source of styli as well. You could protect a new idler by removing the platter when not in use; that should reduce the pressure somewhat.
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