Marv's establishment of tool height by physical test is accurate and effective; pointing out that he shimmed until the pip was eliminated. His, as some lathes haven't a machined top crosslide; so the compound is a natural.
The alternate is turn a diameter and measure; collets or 4 jaw wouldn't be a requirement, just a skim cut with decent finish Size is beneficial, but not crucial at all.
For cast surfaces there is a solution too. Construct a base having three contact points with corresponding areas on the crosslide, close enough to reach toolpost.
For example; might be 3 locked setscrews protruding from the slide into center drilled pockets of the base.

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