"early 70s...vintage.....14 inch.... hubcaps...."
sounds like steel wheels to me.
If neither I nor my pickiest passenger notice any vibration in the steering wheel, seats, or rear view mirror around 15 hertz when driving any speed between 40 and 80 mph then I think the wheel/tire runout and balancing are good enough.
The runout that is "visible" is undependable and hard to quantify. I think tire machines that (commendably) measure runout do so with roller pushing against the tire tread, so it is related to tire stiffness, not just the geometry of the unladen tire.
Not that Olde Volvos are luxuriously smooth highway runners, but one of the pocket "green books" has this:
Volvo 240 - max runout measured at the tire bead seat area (accessible only with tire removed)
steel wheels .032" radial 0.04" axial
alloy wheels .024" - 0.032"
i'd be more concerned with the tire tread runout, which is the sum of the wheel and tire runouts and how they are indexed relative to one another.
I think in the 70's Chrysler said 3/32 inch (about 0.09 inch) was the tread runout limit for police cars intended for high speed pursuit. Back then finding tires with assembled runout of 1/8 inch was pretty common. the few tires I've played with in recent years have impressed me with the much improved accuracy of manufacturing.
i think the 'side drift" that the mechanic referred to was a "waddling" motion/ sensation at low speed. An extreme but unmistakable example is the waddle that results when a radial tire's belt separates. An inspection of the tire generally reveals a HIGHLY visible "wow" in the tread runout.