Hi Bob,
By runout do you mean the part is coming out with .02 mm taper ? Runout is when you put a piece in the chuck then set up an indicator to check for runout as you spin the chuck by hand , if you are setting up an indicator on the cross slide or toolpost then indicating the part by moving the saddle along the bed you are reading taper .
If it is tapered it is because of deflection off the cutting tool , 1/2 inch bar deflects easily and .02 is less than a thousandth so over 50 mm not bad and the further you get away from the chuck the worse the deflectoin will be . What tooling are you using ? Carbide insert tooling will cause deflection also and no amount of light cuts will fix it because carbide insert tooling will not take very light cuts so switch over to a nice sharp honed HSS cutting tool and try a very light spring pass . I usually just use some emery cloth and give the piece a polish to get rid of any small amount of taper , .02 mm or a thou doesnt take much work to clean up .
If the cross slide gibs are really loose you will find it will cause the piece to come out with things like steps ,dig ins ,grooves and a poor finish so if the part looks ok for finish the gibs aare probably ok , i don’t have a cross slide lock either .