Well I had a friend come around to look over the lathe and check wear.
The bearings in the headstock of mine is simply a bronze split bearing turned OD and ID to fit the spindle and the headstock casting. This is a later modification by a previous owner, as the casting will have had to be bored out to fit this type of bearing. There is a slot along it's length of around 2mm which is lined up with the split of the casting. The bolts tighten down on the casting an thus the bearings and close the bearing around the spindle, the grubscrews used to put pressure on the top of the bearing giving even pressure. The spindle was measured too and was 1thou less than an inch all the way around. Which at least means the spindle isn't bent, or worn oval. Reassembled, the play was then adjusted out. The bearings are worn and will need replacement when funds allow, but are serviceable at the minute.
The gibs have been tightened to take out any play, though new ones could do with making in the future.
The major issue found is the tailstock, the bore is worn, giving 8thou play of movement. Which means that drilling a hole would be a precarious operation, this can be reduced by nipping the spindle lock, but still doesn't irradicate the movement, just lessens it. I've had the fix explained to me, so I'll try it one day with some assistance. The end is bored to take a sleeve, then the sleeve turned to fit the spindle and the new bore in the tailstock.
It's not great but any small holes I'll need to remember to nip the spindle lock on a little to take the play out. Until it's sorted that is. Funds at the minute are limited, so may be some months before I can fix all the issues, but it is now levelled and dailed in as accurately as possible, to within a thou, even on the tailstock.
Brian this was done with a test bar between centers and a dial indicator. The test bar at one point been within 1 micron accuracy, a little more these days after a lot of use and years. After all my frustration trying different methods two adjustments and it was within 1thou. The designer of the tailstock been blasted by my friend for its naff design, and lack of register to bed.
A big Thank You to my friend for taking the time out to come and tune my lathe up and identify what is good and what isnt, and where money needs spending.