Although balancing can cause premature wear it wont cause a true feathering issue. It will cause a cupping issue and rideability issues like vibrations that can be felt at different speeds and sometimes during braking. Feathering if that is truely your issue would be caused as you thought by an axle or tire alignment issue. If the axle is adjustable (not sure in this case) then it may be taken care of that way. If not it could be anything from a bad axle, bent axle, bad axle mount to anything that would cause that one particular wheel to be heading a slightly different direction then the others. It should be checked by the dealer or other authorized repair facility and if adjustable it would be more then likely handled. If not then it all depends on whats bad, bent or mounted improperly.
Good luck and let us know what you found.
Scott n Kimmer
Nights Camped: 2013-15 2012-28 2011-16 2010-10 2009-30
2007 Dodge Ram 1500 Quad Cab 2WD w/trailer pkg 345HP 5.7 Hemi/5spd Auto/3.92 Rear
2008 Wildwood 23FLSRV - Prodigy Brake Controller - BlueOx WD Hitch
2011 Harley Electra-Glide Ultra Limited (His Bike) - 2005 V-Star 650 Classic (Her Bike)