Yup - a good road force tire balancer will detect voids in the tire tread itself, out of round issues with wheel and tire, and if the tire needs to be unmounted turned a free degrees and remounted.
Out of round tires are pretty tough to get - Sears got into a ton of trouble telling people their tires were out of round and had to be shaved to correct (they automatically scrap tires that are not round at the tire plant). Unless you know you locked up the brakes long enough to flat spot or running low profile tires (can flatspot in a day - but return to their shape within a few miles of driving, when the tire heats up).