Runout and interpretation of the drawing

I'm guessing some kind of a pulley or wheel rim of some kind.

Yeah, have fun with that.

Would not attempt to measure this wheel rim Runout on a CMM, hard gauge fixture with DTI or electronic transducers is the way to go. As for the circle looks like it could be for measuring the 571.5 bead diameter using a set roller diameter possibly a note on the drawing somewhere.

Thank you for the input!
there is no other notes on the drawing, I am not sure what you mean by "DTI or electronic transducers" though.
English is not my first language and some of the terminology is probably lost in translation :P could you please explain some more?
Regards

A DTI is a dial test indicator a mechanical clock faced instrument with a plunger or lever arm, an electronic transducer or linear gauge is the electrical equivalent.

Direction indicator is correct.
One direction is axial runout, the other radial runout.

Probably best done in a hard gage.

The little circle that the runout is pointing to, to me looks like it is simulating the bead edge / seal of a vehicle tire.

That little circle should be defined as a basic diameter in order for that runout dimension to be remotely valid.
Ideally you would need two indicators with probes matching that little ball diameter, and like vpt.se said, you would produce two runout measurements for each edge.
--One with an indicator/probe against the diameter of that ball's intersect, coaixal to B datum
--And another with the indicator/probe against the flange (parallel to A datum flange)

If you wanted to attempt this on a CMM...I would think you would need:
A Scanning Probe and a rotary or air bearing that can chuck the wheel in place and rotate the wheel
--then you could rotate the part 360 while scanning probe takes hits.

Otherwise, a manual setup with custom fixturing (similar to above mentioned method) is still required.

Hello all!
Thank you so much for your input and directions!

I now know how to handle this thanks to you all!

Thanks! I appreciate it