Unlike your torpedo level from Home Depot, calibrating a precision level is a bit more complicated than just turning it 180 degrees on a flat surface. My Kinex level has a sensitivity of 0.02mm/Meter, or twice as sensitive as a Starrett Master Precision level (0.0005"/foot). Adjusting something like this is not a simple deal.
There are several things I found that my be important to consider:
1. Temperature of the room you're in has to be consistent. Don't work in the sun, and AC is a good thing.
2. Use a surface plate that can be leveled on a 3-point platform. I put my surface plate on an adjustable table with three screws so I can get the plate level.
3. The level, when turned 180 degrees, must be in the exact same position. Blocks - angle blocks, precision 234 blocks or whatever - are useful for this. One block should contact around the middle of one side of the level and one block must reference the end of the level. If you fail to do this then adjusting the level becomes very difficult.
4. The surface plate and the bearing surface of your level has to be clean. Any dust will throw the level off. Windex and a microfiber cloth works well for cleaning.
Then use this info from Level Developments:
1) Clean the bearing surface, and the underside of the level to remove any dirt or dust. Then place the level onto the bearing surface ready for inspection.
2) Note the position of the bubble after it has settled, (settling time can be up to 15 seconds) and then turn the level by 180° and place back onto the surface in the same position as before.
3) Note again the position of the bubble after it has settled.
* If the level and the surface are set level, then the bubble will be central on both readings.
*If the level is set level, but the bearing surface is out of level, then the bubble will move in the same direction off-centre when the level is turned through 180°. The surface can then be adjusted by this amount.
*If the bearing surface is set level, and the level is out of level, then the bubble will move in different direction off-centre when the level is turned through 180°. The level can then be adjusted to read level.
*If the readings are different, then both the level and the surface need to be adjusted.
I use a bullseye level to get the surface plate roughly level, then followed the steps above to adjust the surface plate to level, then was able to calibrate the level. When adjusting the level, you are attempting to move the bubble by half the cumulative error. Very small adjustments of the calibrating screws are needed so go slow and allow the bubble to fully settle before accepting the adjustment.
Take your time. Once you adjust the level it will tend to stay calibrated unless the bearing surface is damaged.
I know this may all sound a bit anal but this is what it took to get my level, level. Now that it is calibrated I run a quick check before using it and no further adjustments have been necessary in over 4 years.
I move my lathe out from time to time to clean or work on the back of it and I don't give it a second thought when I have to move it. Once back in position, I use a little 6" long Starrett 98 to get my lathe roughly level and then throw the Kinex on there. Typically, I can get the lathe leveled in about 10 minutes from start to finish. Of course, that does depend on the phase of the moon and wind direction but its usually done pretty quickly. I wait for 2 days for the lathe to settle, recheck level, take some test cuts and I'm done. I would guess I've done this procedure over 10 times in the last 3-4 years and no longer worry about getting the lathe leveled again.
I will say that the little 6" Starrett 98 level I have is not adequate for my lathe. The bubble on the Kinex can move almost a full unit before I detect any movement of the Starrett bubble so, for myself, I've settled the question of how good a level I personally need. That is not to say anyone else needs a precision level; just that I like mine.
Hope this helps.
Mike