I've found this to be a "feel as you go" sort of thing.
If you collect a lot of old tapes like I do, then the plastic 7" reels pretty much make the rough adjustments. Of course, some will be so bad that you just can't freakin' win! That's one of the reasons I keep a nice stock of empty reels on hand (the low torque, big hub reels are preferable but since they're no longer being made, the regular 7inchers will do). I just keep the old reel in the plastic slip cover with the boxed new reel. An added benefit to having the empty original,.. you can actually read it while it's being played on side two!
Oops, back on subject.
So I find a spot that most 7inchers won't rub and then move onto the 10.5" aluminum reels. I use a spacer to almost equal the thickness of the 7's and since all my 10.5" tapes are 1/2 track, it only has to work on one side (no tape flip). When I look at my large reels, they aren't wound exactly in the center. They're just a tad toward the outside (which means that I could probably use another 1/64th inch thicker spacer) but it doesn't flange at all.
Flanging is a pretty serious problem. It damages the tape edge and will keep the tape from getting a proper wind eventually. If you've read about the problems with uneven slitting of tape into the proper widths, this is just as bad. It will cause the edges to shed oxide and while there is a border between the recorded track and the tape edge, it could eventually cause a loss of signal in that channel (it really depends on how badly it scrapes and flexes the tape when it does). These problems are more obvious from old 1/4 track tapes since they have less "real estate" to loose.
Anyway, it's annoying as hell!