Kevin,
I'm not familiar with the ML4, but I assume its basic structure is similar to the 7 series – i.e. it has a foot at each end of the bed, with holding down holes at front and back of each foot.
If so, then you need to go through several steps on setting up. The first essential is to know that the bed is not twisted – if it is, then the saddle will not move parallel to the spindle axis, so all turning held in the chuck will be tapered. You will be surprised how easy it is to hold the bed down in such a way that the bed is twisted. The only reliable way to correct this is to chuck a substantial bar – at least 1" diameter and 6" long – with no tailstock support, and turn small bits at remote end and headstock end at the same cross slide/topslide setting (it helps if you relieve the bar slightly between the two ends to remove the need to move the tool when switching between the two). The two lands you turned should be identical in diameter – a couple of tenths out should be acceptable.
If the remote end is larger, that means the bed is tending to move away from the tool point as you move away from the headstock; slacken off the rear bolt of the tailstock foot, and shim it slightly under the foot and re-tighten. Try again, should be better. Repeat until happy. Obviously, if that end is smaller, then shim under the front side of the foot instead.
Some people will tell you that you can do this with an engineer's level. I have an engineer's level, and I've tried it, you can't get the same accuracy (and the levels cost); the way I described is (a) more accurate and (b) free.
Then, when happy the bed is not twisted, check the tailstock is in line with the headstock spinlde axis. The proper way to do this is with a test bar and a DTI, but simply aligning centres in headstock and tailstock is fairly good.
Then you can turn between centres and know that you will get a parallel result. For holding in a chuck you need to be sure your chuck is acceptable. Old 3-jaw s/c chucks are notoriously poor in this respect. You can use a 4-jaw independent, use a collet, buy a Griptru chuck (pricey) and learn to use it, or remedy your old chuck, perhaps by re-turning the register on the backplate (or even providing adjusting screws) and possibly grinding the jaws if they are bell-mouthed.
David
Edited By David Littlewood on 05/01/2013 23:43:20