OK, it was just a whimsical question.
Judging by some of the responses some people perhaps didn't quite understand why I asked the question.
It arose because of late I have noticed that I habitually set drills with the flutes vertical and thought "that's strange I wonder if it makes any difference and if it does why".
So I was really talking about lathes that are in good alignment, but recognising that nothing is ever spot on. It could be assumed that horizontal alignment is going to be worse than vertical on amachine with low wear as there has to be some clearence so that the tailstock can slide. Clamping holds it down onto the bed but doesn't really ensure tight alignment horizontally on flat shears. The argumant does not really hold on prismatic beds. Therefor if generally the alignment assumed to be less good horizontally in general and if there is no time cost in orienting a drill one way as opposed to another and there is a preferrential orientation it probably makes sense to do it if you could be bothered.
In reality, I think the practical benifits are almost certainly un-measureable to the precision we are ever going to need which is why it was just a rhetorical question. I just wondered if there were any 'old wives tails' out there.
regards Martin