I’m sure I’m not the 1st guy to make one but I haven’t seen another one like it yet. I found a small .150” travel D.I. dirt cheap on ebay. It’s small enough that it won’t hit the ways and explode if the spindle is accidentally turned on with it still in the chuck.
It’s calibrated with a .250” dowel pin that slides in & out of a close fitting reamed hole in the center of the shaft. The indicator dial is set & locked so that the needle sits on zero with the dial tip extended exactly .125” It works great and is very consistent. The only variable is making sure it’s set at 90 degrees to the carriage but that’s pretty easy using an accurate square. I thought about adding a level but I think the square is more accurate.
A bonus is that it’s very quick and will work in all 3 lathes without any fiddling with D.I. stands & knobs like I had to do previously.