Well I was able to get the spindle bearings cleaned out a little and the spindle runout was less than .001, so a good set of sealed bearings pressed in and I will have a good drill press. I am worried about the pulley that has a chunk missing causing a problem, I guess I will find out when I run it.Personally,I would be very happy with 005 runout in one of the Oriental pillar drills.....usually around 015,and the runout is in the spindle .....the cure is to use a oriental chuck ,and before mounting the Jacobs taper permanently ,see if you can equalize the runout..........incidentally,the first time a drillbit slips in the chuck,all bets are off ,and runout will be anything,depending how much damage is done to the jaws.