A fluid bearing assembly well-suited for use as high performance, web handling roller includes a stationary inner component that extends coaxially within a rotatable outer component. The inner component includes a single conical member from which extends a narrow stem. The delivery of fluid into a nominal gap between the inner and outer components creates a tapered bearing, with the outer component capable of frictionless rotation relative to the inner component. A thrust plate is axially mounted onto the stem and is retained thereon by a threaded nut. By delivering fluid into a nominal gap between the thrust plate and the outer component, a thrust bearing is created which counterbalances the net axial force produced from the tapered bearing. Furthermore, precise adjustment of the tapered bearing air gap can be achieved through rotation of the threaded nut, thereby enabling certain performance characteristics of the fluid bearing assembly to be modified.