[niles]

Pin drives have two interfaces which can have tolerance problems which can cause the out of round condition.
Dont rely on the dealer to correct; even if he dail indicates .015 in he will probably say thats OK. But it can cause the problem; which masks as an out-of-round.
You can get a cheapo dail indicator at harbor freight for about $10. that what I did. With it I found my bell house off by .012 in. Of course the eng builder said it was fine when it left the shop.
BTW, if your going to have one of these antique machines you have to learn do do/check/verify all these mechanical chores, or else you will quickly get frustrated by the never ending list of problems. Its not fun to chase these grimlins paying someone $50 an hr.

In this case you would want to meaure the trueness of the pin drive hub as it turns by setting up the dail and turning the wheel.
gn