Thanks for this response. My untrained guess is that precessional torque would cause more loss than air friction, assuming the wheel is cleanly symmetric (ex. no bolt heads sticking out). It's fascinating how many paths there are to push something up various kinds of potential energy gradient in a way that it mostly stays there by itself but is still available to us to access in a controllable way.
Not AFAIK for the last, though precessional torque bearing load is a nontrivial consideration.