Great drill press. What I'd do is check the spindle and chuck arbor for burrs/cleanliness, then reinstall. Mark the spindle and chuck, as the tang on the arbor lets it go in 2 different ways, install a piece of straight smooth round stock in the chuck, like a dowel or piece of shaft from an old shock absorber, and measure the runout about an inch from the chuck, and mark the high spot on the chuck. Then knock the arbor back out and reinstall 180 degrees from where it was the first time and measure the runout again. Is it in the same spot on the chuck? If so, the problem is with the chuck/arbor. If it's 180 from where it was, it's the spindle. If it's the spindle, I'd chuck up a piece of 1/2 " rod in the chuck and tap it around with a hammer. I can usually get the runout under .001" with this method and a little patience.
Good luck, Jim