I also got a short 4MT drill chuck arbor, and was able to mount the sleeve between centers of my newly acquired bench center on a sine plate (also newly found). As the assumed angle was a 1:20 taper, I put a .25" gauge block under the bar of this 10" center sine plate. 1:40 would be the tangent angle, which solving for sine was a 0.249919 gauge block, I figured .250 is close enough.
Counting the clicks difference between the 2 ends of the taper sleeve, I found an error of 0.0057". This explains my 0.0045 runout of this sleeve installed in my lathe spindle.
I had to make a tool for this setup (the gauge block spindle), as the gage block (purchased used recently with no spindle or snug) has a snug for 1/4", and my indicator snug wanted 10mm, so I cut off a piece of 10mm O2 drill rod (just happened to have that bastard size), and turned down 3/4" of the end to 1/4" diameter. Which I don't count as tool making for real. More cobbling for lack of tools.
Runout measurement was 0.01mm or about 0.0004".
Next is to put this sleeve in my lathe, and be able to drive torque to either tool bit cut, or easier to tool post grind. But .005 grinding of material removal is several passes.
I've looked on this site for a jig to hold the diamond point wheel dressing tool, and didn't find one. Anyone here seen a design that works for external and internal wheel dressing? What I have now is a piece of 1" round stock, cross drill for the diameter of the diamond point, near one end, and a set screw drill into the center end to hold this tight. I then chuck this in the 3 jaw and point the diamond point at the TPG wheel. It works, but there must be a better jig.