Want to make a wheel bend detector machine for my tire shop

hi guys,
i have a tire shop in Toronto Canada. I have been itching to make this project. I can buy this machine but the costs are too much and i would like to make it myself. here is what i need

my goal;
create a machine that will detect bends in wheels when they are spinning. help and locate these minor bends and pinpoint location so i can repair them.

overview;
we repair wheels when they are bend or warped. ideally you would use a machine that spins the wheel and use a run out dial gauge to find high and low spots. you would put the gauge in many different areas and locate spots that are high or low. these will then be repaired or discarded by trained techs.

what i am trying to build is a machine that will run off Arduino and record the results of the run out gauge and save them in memory and finally show the exact location via led light (signal).

the wheel will spin on a balancer and we will use digital run out gauges that have rs232 output. the output will be stored in the arudino and saved. if the measurements fall within a certain threshold, between 10-15 thousandths of an inch, the Arduino will save the location of the wheel via some sort of sensor. Once the run out is measured the tech will slowly turn the wheel manually and the saved location of all the highs and lows will be displayed via an led light signal.

in a nut shell:
1.have runout measurements outputted by the guage
2. if the measurements are out of a range save them as high spots or low spots
3. display how many bends there are in total via lcd screen or led bulbs etc.
4. show the location of the highs and lows when the wheel is manually turned

in the future i would want to incorporate a laser gauge that will precisely measure the distance and find damages with that. and i would want to incorporate a servo motor and have it connected the the shaft the wheel rests on and have it rotate to the location of the damage based on the measurements send out by the guage.

please tell me what i need to finish this and what exact tools i need and how i can go about this.

p.s if there isnt a digital runout dial gauge made for arduiono then i can use my current on that has a RS232 port. maybe we can figure a way out to incorporate that.

ALL YOUR HELP WILL BE GREATLY APPREICATED.

megacitytires:
the wheel will spin on a balancer and we will use digital run out gauges that have rs232 output. the output will be stored in the arudino and saved. if the measurements fall within a certain threshold, between 10-15 thousandths of an inch, the Arduino will save the location of the wheel via some sort of sensor. Once the run out is measured the tech will slowly turn the wheel manually and the saved location of all the highs and lows will be displayed via an led light signal.

That should certainly be doable. You can use a rotary encoder to identify the wheel position. I am assuming the wheel won't be removed from the balancer until after the technician has physically marked the locations that need attention.

Whether the computerized system adds any value is another question.

...R

Fun addition would be adding a chalk marker/pressurized air sprayer with chalk paint directly outboard of the dial indicator so that the arduino will learn the low / high spots and when activated “spray”automatically as the wheel passes by those points again.