How close is close enough?
Well, that depends on you really, and the work your doing.
Alot of good infro allready posted, so Im not about to repeat any of it. :whistle:
I know that the Co-Axe indicators are not a favorite tool by many . But they are now reasonably priced now, in the 50-60 buck range. The co-axe indicator makes short work of dialing in your tail stock quill. Sweep the quill, or the centre you have mounted up.
Many of these smaller machines dont have taper attachment, so off setting the tailstock is a normal procedure. Many folks will be shy to ajust the offset on the tail stock because the read all the horror shows to getting it back in on centre. With a co-axe is so quick and easy, its going to take you all of a few mins to re ajust.
Getting your lathe to cut without a taper can be a combo of a few things. Certainly the tailstock being on centre is a good start. Having the quill retracted on the housing as deep as possible can make the differance too. Also having the quill locked in position can make the differance. Some lathes will show the reading change when the quill is extended out, or locked, or unlocked. These little things are much easyer to spot using a co-axe indicator.
Ive had friends borrow my co-axe for setting up the tailstock, and say, wow! That was so easy to get it set up, Im going to get one for myself. Once you have one, checking where you are with the quill extended out, or locked, can be checked in mins. Some of the guys that borrowed mine found that they need to do some shimming to get the tailstock right, as the bore has worn over time, and the co-axe showed them this.
Dont be scared to tweak your machine, strive for the most accurate parts you can. You may say, thats good enough now, but time will come, when you will want the best it can be.
Good Luck