Runout and interpretation of the drawing

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.

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.