I did not make any assumptions about the wheel, just checked the maximum deflection for a round piece of steel with a point load to see if it is in the ballpark. I used a 3" steel beam (E=30Mpsi) with a 50 lbf point load at 2" and a diameter of 27/64" and got about 5 thou max. deflection. The load is just a guess and probably varies a lot between different grinders, but 50 pounds seems reasonable to me. There are probably other sources of flex, but it is plausible to me that a 1/2" bolt could flex a few thou on its own.What approximations were you making about the stiffness of the wheel and where it was supporting the cantilevered beam? I just measured the 2" idler wheels on my D-plate and found they deflect about 2.5 thou at the far end under belt tension. I could throw my SGA with 5" wheel on to see what it does in a bit; I'd expect it to deflect even less because I'm using a shorter (and steel) spacer for it.
I mentioned earlier that I ordered a wheel for the SGA I am building with 20mm ID bearings. Because the deflection is inverse proportional to the fourth power of the shaft diameter, this setup should be about 12 times stiffer than using a 1/2" diameter bolt, and six times stiffer than using a solid 1/2" shaft.