I would have to respectfully disagree with Dave.
On a press that small with a table that basic a gear rack is not needed.
For the speeds IIRC that machine has a minimum of ~450rpm base with an optional metal working 3rd pulley to get it down to ~200 with the slow speed attachement, which is probably what the seller is referring to as the "Gear attachment" which, on that press is good for ~1/2" holes in steel.
Here is a link to the PDF catalog giving all the specs on the press
http://vintagemachinery.org/pubs/808/376.pdf
PDF Page 9 of 36
As for run out, I think it is better to chuck something known true (short piece of ground rod ~.375" dia) in the chuck and then clamp something to the table. Rotate the spindle by hand and monitor the gap between the rotating road and the fixed clamped piece. Second to a dial indicator of course.