.001 runout. I would not be happy with that. My 6" Atlas is about spot on. Like Ray C suggested, check it in another area. That is a "dead" center and the area you are indicating is where items rotate., maybe not that high up but, still, you need to check. I would remove the center and set an indicator on the Morse taper in the spindle. You will only be able to check the end but, it should be an indication of what is going on. If that checks out, make sure the tapers are clean, free of burrs. Morse tapers and dirt do not make for a good fit and a burr can develop in the spindle and a new center will feel tight but, the burr causes runout. Try puting some Prussian Blue on the taper and check the fit between the two surfaces. If you have no blue, use a magic marker. It will rub off in steel to steel situations. Reinstall the center or new center and indicate the end as shown in your video plus the other surface that has the Morse angle. Since you just assembled the unit, make sure your bearings have preload. Timken bearings run with preload, unlike a ball bearing. This will not cause runour but, can set you up for other ghosts when machining parts. It will be a lot more fun once you get it done. Looks good.