I can't speak directly to cruiser's in this scenario, and I think that it could definitely be an indicator of larger issues. But I can also say that the main crank pulley on my '65 Galaxie convertible (ford 390 v8, with some performance builds) has wobbled a bit for 20 years with no issues. Sometimes the pulley itself just isn't mounted 100% flush, and you can't really see it until it is turning. But by then, nobody wants to undo all the work to set it right. My biggest fear whenever I open the hood & see it, is that it might throw a belt on the, "bad side" of the wobble. But to date, that has never happened. It isn't a daily driver, because it is a good weather only vehicle, but I don't hesitate to drive it anywhere when the weather is nice, so it does get miles.
Best,
abe