Mine sits at a moderately random angle close to 25° which does for all screwcutting using the zero-to-zero / zero-2-zero method and keeps the handles nicely clear of everything. Also puts a significant fraction of the cutting loads in both axes directly onto solid slides rather than via the screw.
Way I see it parallel to the bed puts all the feed in cutting loads direct to solid metal but now the longitudinal loads go via the screw. Also gets in the way of the tailstock. Ability to do short parallel turning to measured lengths is something of a misnomer. Needs to be set dead nuts parallel to the bed for accurate results, significantly sub thou error at at least over whole travel is desirable if the results are to be trusted. A right pain to achieve with the usual adjustment facilities, especially on smaller more economically priced machines. You could dowel it I suppose. Small lathe topsides aren't really up to snuff for this sort of thing anyway. The monster on my Smart & Brown 1024 10" swing machine is but that has an accurate saddle travel dial so its all bit irrelevant.
In the time it takes to get the saddle dialled in twice you could have a micrometer bed stop made which is far better for travel setting. Ooodles of dirt cheap micrometers on t'Bay to break up for the barrel. Add a cheap set of gauge blocks in" won't wring together" condition from same place to extend the range and you're done. You only really need the bigger ones but a gash set can be handy for all sorts of set-up checks. If you want to be real fancy make a clamp to hold a stack of blocks together.
Set 90° to bed and all the cutting feed in loads go through two sets of screws. Not ideal especially on small machines where the screws are inevitably a bit wimpy. Not helped by wear.
Set at exact screw-cutting infeed angle. How exact is exact? Same mechanical issues with setting dead right as with the parallel to bed arrangement and even harder to measure WTHIGO.
In a practical world adopting the zero-to-zero screwcutting method resolves pretty much all issues. According to Geo. H Thomas that was the way his star turner did things. No way am I gonna argue. Especially as its the only method that makes it easy to figure out whats gone wrong when its thread doesn't fit!
Slightly OT but closely allied. I presume everyone knows that the easy way to align a 4 way or QC body with the relevant sides perpendicular and parallel to the bed is to extend the tailstock barrel and lightly press the body up against it. I use one of the MT taper holders acquired for my Dickson T2 s over the years when purchasing several tool holders as an (almost) affordable set. Knew they had to be good for something!
Clive