Square Boring Head question

I got the lock screw loose.
There is very slight movement now of the ring it moves in conjunction with the shaft.
Those two holes on the side must have something to do with releasing the ring. I was afraid of bending my punch so haven't gone there yet.
 
Okay. That's sort of what I was thinking but then I thought maybe it would cut an ellipse shaped hole if there is to much run-out.
Thanks for the clarification.
 
Where are you reading the 5 thou runout. If its below the top ring thats probably the 10ths adjustment. Have a couple of pieces of tooling from a jig borer, one tool uses a similar setup with an eccentric on the shank to adjust to 10ths.

Greg
 
Yes below. That would make sense. Trying to figure out how to adjust but so far I've come up short.
 
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