Couple of other things:
If you tighten the preload rings a lot, then yes, it will be harder to shake the quill sideways – but the wear will still be there, obviously. On a mill like a Raglan, there’s a good chance that the spindle will be hardened, and the chance of touching it even slightly with a reamer aren’t actually very good! These mills were built back at the time when this was taken seriously.
As for why you get a good end cut but a poor side one – well, that’s down to where the bearings are actually worn. If you take up all the end float with the preload ring, then you’ll probably get an excellent result with things like flycutters for a little while – but all the time you use something like that on worn bearings with all the float taken out in one direction and an interrupted cut, you’ll be bashing those poor bearings even harder on the sides, and you’ll knacker them completely in pretty short order.
One of the reasons for using taper roller bearings in this situation is that the stress forces are vector-coupled – so that an upward force is partially taken sideways, and vice versa. Inherently this is a good solution, because it means that taking up the preload both centres the bearing, and takes out the axial and radial error in one go. So at a guess, I’d say that it’s more likely that you have deep groove bearings on the Raglan, as all the error hasn’t actually gone when you adjust the preload.
Also, if you can post a tool up the taper and it stays there on its own without a drawbar, there’s probably nothing wrong with the taper at all. A four thou error up there would be enough to cause nothing to stay in it very long at all!
But take it to bits, and post pictures – we can tell far more then.
Edited By Steve Garnett on 08/09/2011 10:39:07