Thank you for the information and assurance that I do not have serious problems.
A bit more information on the mill.
I indicated the arbor shaft to determine the run out. I did not think I would be able to get a good reading off the cutter teeth, I will give that a try so I can see what the run out is when the arbor nut is tight.
Shaft is very smooth, no galling to be found anywhere. Cutter fits snugly to shaft.
I tried two different cutters moving spacers around so they were on different parts of the shaft. Every combination resulted in the same noise. Regardless of how I positioned the cutters the noise followed the high spot on the arbor. This makes me believe the issue is not with the cutters.
I cleaned the interface between arbor and mill a couple of times and checked for galling and found nothing.
Someone made the comment that if a spacer that did not have parallel ends would put pressure on the arbor and cause it to bend. This gives me the idea to create a spacer and then lap one side so the spacer has a slight taper and then see if I can position that to change the run out for the better.
I will try a few more things and if I can improve the sound will post more information.
Again, thanks for the help.