CreativeChipper, I am where you are as well. I have spent the last 10 or so days, getting the right fluids, breaking in everything, oil change, leveling and leveling a bit more. Switching out tool post to a QCTP, checking that is correctly aligned after making t-nut. I went out and bought some 2.25" sq aluminum (by 4' as I have other projects) I AM NOW READY FOR THIS TEST SHAPE....FINALLY!! Researching what i need to do, I found This thread. So 10 plus days and a lot of checking and poking around, I'm ready (I also read "How to Run a Lathe") it has been a butt full of stuff to do and I have felt like an idiot, doesn't help i have a short attention span! you just want to make sure you're ready for the next step, if not you'll waste time and materials. Listen to these guys, the combined knowledge is staggering. I have found even after multiple questions and I am still confused (maybe even more than when I started) this group is patient and will work you through it.
do you have a machinist level, I believe it is a must have though I have seen overly complicated rigged up equipment to do the same. Watch that leveling video that Norton Dommi posted, it will clear some things up.