Thanks for the suggestions.
After a bit of investigation, the parting blade is flexing to the right. I discovered this with a DTI mounted on the cross slide, No movement detected in the QCTP. I also noticed, when the blade clamp is tightened up, the back end of said blade moves away from the holder. (this also moves during the parting operation). The blade holder uses a tapered clamping screw with a shoulder that locates on the blade with a square drive clamping nut.
Although the holder is (allegedly) of German origin, not that that's necessarily a sign of good quality, on close inspection, the overall fit & finish leaves a little to be desired.
I think a better quality holder might be called for. Any suggestions for a 1/16" x 5/16" parallel blade?
I guess it doesn't have to suit a parallel blade, but I can keep the current blade as a spare.