Those numbers are good.
You have a carbide insert that may not like spring or light passes
That long of unsupported stock may do may moving things so call it good.
Or, get a non carbide cutter and make it very sharp and repeat a few spring passes without changing any depth of cut.
When it does not remove any metal check again.
I would call it good as that is far above normal hobby work.
For each Decimal point of accuracy the amount of extra work goes way up.
Granted sometimes you need it but most of the time not so much.
For setting up your tail stock you can make a spool or 2 collar test.
Start with facing then center drilling opposite ends of handy round stock, maybe 3 to 4 inches long. By 2 inch diameter, not critical.
Clamp in 3 jaw on one end and remove the middle, make it look good.
Place between centers, no dog needed, you make light cuts, start from end and single pass for whole part in ONE go until continious cutting (cutting true to center).
Measure and adjust tail stock as needed, repeat cut.
When both collars are exactly same size your tais stock center is in alignment with head stock center such that the interface with the cutting tool are same.
Sometimes the tail stock may be tiny bit high or low, with this action the measurement is of the cut object so it may be offset to compensate for height difference.
It is relative, And unless the stuff you are making goes into something that requires certification it is close enough.
When finished you NEVER cut again, you use dial indicator in tool post, put this between centers and adjust tail stock until both ends in same place relative to tool post.
Keep in the tool box, you will use it many times, ours was made on an Sears lathe 30 years ago and use it on current ones to quickly center the TS.
Looks like this.
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