Had more wobble than I wanted, I went to HF and got a dial gauge. Started at about 0.024". Using a 1/2" grade 8 bolt in the chuck, a chunk of 2x4, and a 3lb hammer, I was able to get the runout to < 0.005". Switched to a 1lb hammer and chased my tail for a while trying to get better, but that as good as I could get.
I'm pretty happy, when I got it it was in bad shape. Before I got the dial gauge I tried to use feeler gauges and an angle iron fence. It was more than 0.060 (about a 1/16) when I started. You really need a dial gauge set up to get really close.
Here's a link to a video with the dial gauge tracking a 1/2" bit just below the jaws.
I'm pretty excited considering where I started.
I also learned the the old crusty belt I'm using is what is causing a lot of vibration. I put a shim between the head and the motor to back off the tension and it got a lot quieter.
Any recommendations on where to get a link belt? HF has 5ft for $25.