TT350,
As stated before, a mill is not a lathe. A lot of lathes have runout greater than +-.0001".
Just because something shows a reading to four places dosn't mean that's the dimension you actually have.
Relative to what?
You may want review some info about part tolerances along with info on spindle and tool tolerances.
But conceptualy if all the rotating and movement going on was perfect along with a proper surface finish you could achieve that true tolerance. Any way, back to your question.
Used properly, a calibrated Intrimik, dial bore, or air gages will directly measure + - 1 or 2 tenths. They are not cheap! Go / no go plug gage would better as it will start to tell you if there is symetry.
LOL
RICH