In general, leveling is a short-cut to get you really close to true alignment, you still gotta prove it via taking some test cuts. So, start with the bench or cabinet or whatever, then the bedways, get it as close to level with what you have, then adjust the bed at the tailstock end based on actual turning to minimize the taper, like John mentioned above. There are plenty of 'how to' descriptions out there on the net, once you get past the leveling part of things. Admittedly you are starting out with a disadvantage given the resolution of your level, but if you don't have a more accurate one, you gotta use what you got. Harder to do and takes longer, but do the best you can.