Thanks @Chris, it took me a few sessions to get to about 1/8" of play radially and axially, but that's still a bit much. Its hard to get them both under that at the same time, fixing one is messing the other. You're right about the cheap stand, the shaft that came with it was bent out of the box so I made my own with 1/2" rod. I'll have to think of a way to keep the shaft fixed and roll on just the bearings. I do have a dial indicator with a magnetic base that I finally figured a way to keep out of my way and still be useful. Got a few other pointers from others too, so hopefully it'll straighten out soon. The offset, I'm assuming you're talking about centering with the hub, I got it to the point where visually it seems that its in line with the (approximate) center of the hub, with equal parts of the hub on either sides of the rim.