I required orthotics, wedges, and rotational float to finally solve my vexing problem, of which IT band pain was a part. For the IT issue, I actually needed valgus wedging (tilt the outside of the foot upward--less common) because the outside of my foot extending too far stressed the IT (pushing down on the pedal with your leg extended and the outside of the foot angled too far down will force the knee outward). In addition, I had my feet placed all wrong because my it band and hip muscles were too tight, which pulled my knees outward. Lots of stretching the hips, glutes, and IT helped a ton. It was really hard to diagnose the problem precisely though, until I got a professional fitting.