I never noticed the out of round wheels either. My red '78 had aluminium wheels (like on the car when pulled onto trailer) but both my blue (ex-tan) and my brother's yellow one had steel rims.
Those were days when "mild hop" could be done, using factory parts.
The red one got '69 351 4v heads, cam, 4bbl dual plane intake and homemade headers (it was great to have all the cool tools either at dad's garage, or one of the neighbour's farms - mills, lathes, welders, presses, tire machines, etc).
My little brother drove his through high school and university (Then he bought a Toyota Supra)
The blue one was SiL's and after she parked it, it was parts car for the other 2 (and my Pinto Wagon).
Our V-8 Mustang II's trashed our middle brother's V-8 Monza.
The Monza had rust issues very quickly into it's life and structure integrity when soon after the way it was beat on.
Mustang II might not have had purist's approval, but the competition stopped making pony cars, while Ford churned out cars like hot rolls.