What if your tailstock is aligned at one spot on the bed but is off at others? If you're doing drilling via tailstock or between centers work then it matters a lot. Like I said, do the headstock alignment test first then a 2-collar test. Just because you're "level" at one spot on the lathe bed doesn't mean it's not twisted at some other spot. Usually right under the chuck and at the other end of the bed are the two least worn spots so place your level there and see what you get.
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