Hello GuilfordRailman,
For the traction tire, as others have stated, this loco only has one traction tire. And that's all that is really needed. Since model train locos don't have differential units like full size vehicles do when going around turns, putting traction tires on each side of the loco actually causes the wheels to fight each other when going around curved track. Best to let one wheel have traction, and the other wheel to slip slightly on the track. Regardless, a lot of manufacturers still put traction tires on both sides. Go figure.
You should be able to find spare traction tires from someone that sells Lionel parts. And replacing it on this loco should be relatively easy. Simply remove the screw holding the side rod to the wheel, remove and replace the traction tire, then reattach the side rod and screw.
The wobble you're experiencing may be caused by either a bent axle or a wheel out of perpendicular with the axle. Either of which could have resulted from being dropped at one time in its life. Spin the drive wheels and see if one wobbles - if so, then this is causing your wobbling problem. Hopefully it's not a bent axle - this could be hard to fix without knowing how to disassemble locos. If a wheel is out of perpendicular with the axle, you may be able to tap the wheel with a small hammer to realign it. Just have to be careful to not hit it too hard so you don't break something.
To be right honest, this is not one of Lionel's higher quality train sets, but rather, one of the cheapest O27 sets they would have offered whatever year (or years) it was produced. I'm seriously guessing it's not now, nor probably ever will be, highly collectible. However, from your pictures, the loco and cars look to be in very nice condition, and with the track and transformer included, $45 for everything was still not a bad deal on it. Just good, cheap fun.