I'll say at the outset that I wouldn't touch the motor in that thing. The Bachmann 2-8-0
has a lot of gear reduction and a pretty darn good skew-wound 5-pole motor in it already.
It is not worth remotoring.
More importantly, it would not solve your problem!
I like DJ Conway's suggestions. I would think the quartering would be more likely than the other
two suggestions, but they are all possible.
I have a few questions. Okay... I have a
lot of questions.

1. Did it always have this "wobble"? Are you sure it isn't something that has always been there,
which you have become more sensitive to as you have collected other engines and become
more demanding of how you expect them to run?
I say this because I know I'm guilty of it. Things I thought ran "great" in 1998 look terrible to me
now because we have all become so spoiled and accustomed to silky-smooth, perfect motion
and creeping at sub-5 mph speeds.
2. I would ask you to describe the wobble more, but that will go down a rabbit hole of us
all trying to really understand what it is doing. Any chance you can shoot some video, hopefully
very close up, of it doing this, so we can see it?
Failing that, is this "wobble":
a) bobbing up and down, most noticeable if you watch the cab roof?
b) side to side, sort of wiggling and canting back and forth between the rails?
Does it bob or wobble exactly once per driver revolution?
How do you know the wobble is causing the binding? How do you know it IS binding? Does it
exhibit a "hitch" in its motion once per revolution of the drivers? Very often, if a driver is out of quarter,
when it comes around to the tight spot, the rod won't be able to move freely because the
location of the driver hole is a little off, and having nowhere else to go, it will push the engine upwards.
Then when the wheel turns past that spot, the engine comes back down. This can look like a
bobbing up and down that is also synchronized with a bind at that point.
If you can creep it along just to where it binds and stop it, and then
without moving the engine use fine tweezers to see if you can
wiggle the side rod on both sides, and if one or both of them has no play in it at all around the crankpins,
then that strongly suggests a quartering problem.