Brian
If you had a precision level then it is a good way of testing that the bed is not twisted, which is the important thing. A slope of say one degree at each end would still indicate that the bed was not twisted but that is difficult to test.
However, even if the lathe is set up using a precision level a test piece would still have to be turned to make the final adjustments. As you do not have a precision level there is no need to go to the expense of purchasing one.
First set up the lathe using a DIY level and then go down the test piece route to finally set the lathe to turn parallel.
If you are not conversant with the method of turning a test piece I have attempted to cover the subject in detail on my web site which you could view. The details are available at **LINK**
It is worth bearing in mind that no lathe is perfect, even a precision one. You may therefore end up placing a very minute twist in the bed to compensate for errors in its manufacture, Hence the reason for turning a test piece even if set up with a precision level
Harold