Hello,
I have a centering scope and like it very much. It is true that the optical axis is not always lined up out of the box, as it were. It is simple to adjust, with the x/y table locked, drill a small bore crater to mark the test object, remove the chuck and drill, place the centering scope in a collet, use the adjustment screw to correlate the center of the crater, the scope is now dead nuts on the center of the spindle. The view through my scope is bright and clear. You can also use a carbide tip chucked in a drill or R8 collet, instead of a drill in the spindle to mark a spot on a test piece, so that you can align the scope. Just takes a minute or less and you are now at zero/zero. Literature suggest that it is accurate to about .0005"
It is a nice addition to milling, I have not used it on the lathe, but could do so with a set of ER25 collets that fit the tailstock to center a marked piece in the four jaw.
Once you have the scope centered then larger holes, in your work piece can have their center found by the scope by optically centering the line in the scope in two perpendicular axis by moving the table in one direction, then the other till the line visible in the scope is in the center of the hole in both x and y. To check it you rotate the scope in the collet by 90 degress. If you are "on", the line is in the center of both halves of the circle. Set the DRO or your measuring rings at zero and you are on the money. This method is not quite as accurate as the one described above but if you have to go back and find a center for threading, chamfering, or whatever it works well. In fact very well IMOP.
Best Wishes
Chuck M