Matt I guess it depends on what you need to do with it. For this like levelling a lathe, you need the precision that a Machinist level gives you, not necessarily the accuracy. Even if it reads 5 degrees out from horizontal it is still good enough to level a lathe as it has the precision to show you that your front and back are level with each other.
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I would also offer that a bubble level will only get you close. As each lathe is different and has it's own personality, my preference is to take the leveling process one step further by cutting and measuring the taper on a sufficiently (for your lathe) long unsuspended piece, i.e., no tailstock support. I then tweak the level of the tailstock end of the lathe to get a taper reading that suffices for my personal tolerances.
I use a slight derivation of this, instead of turning something, I chuck up a piece of hardheaded precision ground linear shafting and then indicate off the front and top sides to determine how aligned the lathe is. The shafting is cheap, rounder than most of us can measure, and straighter than most of us can turn.
http://www.amazon.com/Thomson-0-7490-0-7495-Diameter-12/dp/B00TSGMJTC/ref=sr_1_9?s=industrial&ie=UTF8&qid=1441469960&sr=1-9&keywords=linear+shafting&refinements=p_85:2470955011,p_89:Thomson
I must be one of the few then. I will try to generalize my responses a bit more, thanks.
Surface Finish: 8 Ra Max
Roundness: .000080” Class L and S / .000050” Class N
Diameter: .0005 Class L and S / .0002" Class N
Straightness: .001” Per Foot Cumulative (.002” TIR)
Taper: .0001”