Hi Nick,, thanks for the response. Yes it's a lovely little lathe, hence I'd like to invest in keeping it that way!
As for the issue of the tailstock being low, my measurement is only in one position close to the chuck because that's where I can get a reliable repeatable measurement. Tthe bed looks ok, if that means anything, and it's induction hardened anyway. My impression is that the underside of the tailstock is worn, there is evidence of this if I remove the tail stock and turn it over you can feel the step in the casting. I was hoping to import some expertise to help optimise the adjustment. Not sure I feel competent to tackle this. I came across this forum googling articles on how to adjust the same.
The slack in the headstock adjusted out easily enough, but I note the injunction in the manual not to overtighten them. With what I've got here to measure the end float I can't tell the difference between just right and too tight, so I fancied hiring the expertise of someone who knows his (or her) trade and has the experience to know how the bearings should feel and behave when they are adjusted spot on.