I learned the 300 series in a metallurgy class 20 years ago. Ill check the old textbooks tonight.
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You can straighten the rod but you will need to be able to determine how it's bent. That can be accomplished by spinning the roller and finding the high spot. This is typically done on vee blocks with an indicator but you can also do it on a very flat table but you will need a way to find the high spot. Once you've determined the high spot, you will then need to tap it with a hammer (gingerly) to bring it back into the axis of rotation. Then spin it again to find the high spot and tap with hammer. This can be repeated until the runout of the spindle is in check.
Otherwise...you will need to return it to the supplier for rework and/or replacement
+1 Also check the bushings on the crank side From what you said 1 or 2 migth be shot.