I have made a neat and inexpensive banding wheel from an old ceiling fan and a piece of 3/4" plywood. The bearings on the fan are pretty heavy duty and very smooth operating for almost anything you might want to put on it. If you don't have the fan lying around, you can usually pick one up at a thrift store for $5 or less. Then it's a relatively simple operation to disassemble it, cut off a few misc. pieces with a hacksaw, and reassemble it in a slightly different configuration, cut a round turntable from the 3/4" plywood, drill the plywood and mount it on the fan blade flange. Then you take the upper part of the fan housing, turn it upside down and screw it back on to the fan using the same mounting holes and screws you removed the housing part from. This provides a very stable base. Total cost for the banding wheel could be under $10.
I'll be making a short video of the fabrication for a future post if there's interest.