My IT bands have been my nemesis since running cross-country in high school, although it wasn't until college when I was working for a chiro and DPT that I realized that my knee pain was actually not knee joint pain at all, it was coming from my IT band. At the time, he proposed that the pain came from a weak gluteus medius. I found that mind-blowing!
Now, over 15 years later, research has come a long way. In anatomy, we learned about the individual muscles in isolation--a necessary, but overly simplistic and reductionistic approach to the musculoskeletal system.
Okay, back to the IT band...the distal fibers of the gluteus maximus actually mostly insert straight onto the fascia lata, which is continuous with the IT band. So, we can almost think of the IT band as a tendon of the gluteus maximus. The gluteus maximus connects with the thoracolumbar fascia. You see where I am going with this...the muscles are connected and not in isolation when it comes to force transmission!
So, there is nothing necessarily wrong with foam rolling your IT band, but if this is the site of your pain, it is quite likely that the IT band pain is actually being caused by a fascial restriction in a completely different area along the fascial plane (for example, somewhere in your lower or upper back on the opposite side, or your leg, or your hip).
To get the most out of your foam rolling efforts, consult with someone who practices Fascial Manipulation®--Stecco® method. They will develop a hypothesis about where the true cause of your pain lies, and treat accordingly. You can find me in Louisville or Lyons, Colorado (I have completed Level 1 and Level 2 workshops and am working on certification). To find a certified specialist in your area, visit http://www.fascialmanipulation.com/en/patiens/find-certify-fascial-manipulation-specialist/
Stecco, A., Gilliar, W., Hill, R., Fullerton, B., & Stecco, C. (2013). The anatomical and functional relation between gluteus maximus and fascia lata. Journal of Bodywork and Movement Therapies, 17(4), 512–517. doi: 10.1016/j.jbmt.2013.04.004