Your case is an extreme. Where the outer pulley is rolling down the road, wow.
With my bad pulley, I even intentionally tried to separate the two halves with a hammer. It was a no go. Outward appearance was normal. The rubber section didn't show any sign of dry rot, cracks or anything. I caught the misalignment when trying to put the engine at tdc to set the cam timing.
As to the running a light one piece aluminum crank pulley, I wouldn't recomend it. One of our crew member ran one and he ended up messing up his crank.
There are a bunch of theories about running a light weight aluminum pulley on the internet so I'll spare you mine. However, something to think about, the N1 and 20V, 20VET all run the heavier crank pulley than the 20VE. They all rev higher than the regular VE.