Hi,
Put a good MT arbour between centres (after you set the tail stock up properly) then set the compound to roughly the angle by eyeing it off the arbour.
You can either place a mag base on top of the compound with the indicator touching the arbour, or set up the dial indicator on your tool post with some sort of mount, and have it touching the arbour.
Then run the compound backward and forward and adjust the compound so the dial indicator reading stays in on spot.
Once this is done you are ready to go and make as many as you want.
I usually blue up the first one to check to see if it's spot on with a good female arbour. A permanent marker will do the job as well, just colour the newly made arbour in with the marker, them slip the female arbour onto it and turn it 1/2 turn, then check to see where it's touching by where the marker is missing. If it has removed it on both end, you are good to go.
If it's for your tailstock, you can take the quill out and check it with that as the female arbour.
Dave