Your first task is to set up lathe set to turn parallel, without tailstock support, by shimming the feet, ( adjusting the riser blocks, if you have them ).
The instructions for setting up the ML 7 will be very much the same as those for the ML10.
See "The Myford Series 7 Manual" pp 41 and 42; Ian Bradley's "The Amateur's Workshop" pp 27 and 28, or L H Sparey's " The Amateur's Lathe" p 36 .
Once the lathe has been mounted so that the bed is free of twist, then you can adjust the Tailstock. With accurate centres, (Mount in the Headstock and trim up, if you have any doubt ) in both Headstock and Tailstock, The points should be on the same horizontal centreline. A check is to trap a thin shim, razor blade or steel rule between the centres, The metal should be vertical. If it is not, the centre heights are not the same, and this needs to be addressed,, before proceeding further.
Once you are sure that the centres are at exactly the same height,, you can apply the same check in the horizontal plane, preferably using an Alignment bar and a DTI to to check . The reading should be the same at both ends. The adjusting screws should be used to adjust the Tailstock across the bed, untiil there is no difference between DTI readings at Headstock and Tailstock ends of the Alignment Bar.
HTH
Howard.