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Regarding the Lathe, depending on the precision you need you can scrape the ways and refit the plain bearings. I haven’t done it but people I know who have say it is patience mostly. A digital readout is cheap and easy to fit and will save time. These old machines are tough. I used some like it...

Interesting but the centre will not precise as it will never be better than the accuracy of the punch mark and it relies on the spindle running true. Better to find two edges and zero the readout. Pitch across the right distances and you have you hold location. Alternatively use a toolmakers...