For that application there is another method of choice for me. I'll try to set it up for a photo if I get a chance, but here's a description:
Take a small diameter drill rod or similar with a accurately concentric cone ground on the end. This rod should be around a foot long (adjust for lathe size). Put the non-pointed end in a drill chuck in the tailstock, and get the point in the center punch but just barely tight. Now put a dial indicator as near as possible to the pointed end of the rod. The length of the rod will allow it to flex and follow whatever error there is with the punch mark. If it is way out, you should back off the tailstock a bit as you go because the effect on the rod is to lengthen as it runs truer. You don't want to push hard enough to bow it.