Hi Pcmaker, Hoping I don't start a flame war here, but I recently acquired my first lathe (Boxford VSL) and was also struggling with what level to buy, how much to spend etc. When I finally picked up the lathe I had not bought a level yet, but now had a lathe that just had to be used. So I launched into Rollies Dad's Method, figuring I had nothing to loose. I started by making sure the lathe solid on its table, and table legs were all stable on a part of the floor with no concrete cracks between the legs. I used a 1.5" aluminum round extending about 8" from the 3-jaw and made very light passes (i.e. .002") with a sharp HSS tool to minimize deflection. I recall the diameter varied by about .015" after the first passes.
I started adjusting the feet, but found that the Boxford table was too rigid for gross adjustments. Instead I started shimming between the lathe and the table until the aluminum bar diameter varied by about .001" to .002" over 8 inches. Let the lathe sit for couple days, then checked again, iterated on the shims a bit, then let sit a day. Then moved on to adjusting the feet for final trim. Got down to about 0.0004" over 8". Checking again a few weeks later the lath had shifted to about 0.001" over 8", but was easy to re-adjust back to 0.0004. I spent a lot of time staring at that lathe during those initial adjustments! I am satisfied, and now know how to adjust again as things shift.
If I ever determine that I need truly level rather than simply a lack of twist, I can always buy the level and redo. In the mean time, I saved $100 to $200, which was very easy to spend on other tooling! Anyway, don't let the lack of a level keep you from getting started.
John