...If I may add this,
I see in Rockys' Photo, a Magnet Mounted 'Dial Indicator'. I have said in the past, the 'Micrometer Dials', on the Carriage, Cross-Slide and Top-Slide, are Useless!
They do not 'Compensate' for 'Worn' Play and Back-Lash. The Dial Does not 'Lie'! One can work to the 0.0005" using a Dial Indicator. This does Not Account for Tool 'Push' and Tool Wear.
The technique is to Keep the Screws 'Loaded' In the Direction of the Cut, 'Under Pressure'.
(2) Dials can perform a Taper by taking the Taper per foot, dividing by 12 to get taper per inch. One dial covers X for one Inch while the Second Dial covers Y. The adjustment is made at the Top Slide, and then cranked by Hand. This is More Accurate than the 'Protractor' at the Top-Slide, that would get you Close. If you should Not have a 'Taper Attachment'.
I have worked on a worn-out Lathe, when I first started working at LFW, They closed their doors a few Years Ago. That Lathe had a Backlash, on the Carriage of 0.019". With the Dial, I could work to Less Than 0.0010"...all Day Long. Earning the Praise of My Mentors. "Any Machinist can work to a 'Tenth' (0.0001") (a 'Ten') on a Newer Machine...It Takes a 'Master', to work 'It' on a Worn-Out, Broken Machine". Broken, as the Headstock/Spindle Bearings always Rattled around, in Use, from day One. We had Many Other Lathes, they were Testing Me to Prove My Skills. Even though there was 'Sometimes' a Tolerance...I always put the 'Needle' at the Zero! 'Cut' to less that 0.001" and 'Polish' to Exactness. This was Demanded of the Job!
I Never worked any Machine, without using a Dial Indicator, in that Shop or Mine!
"The Dial does Not Lie!"
As in any Instrument or Measuring Tool...if You 'Drop It', consider It No-Good!!