Re: About Kress spindle
First I would be checking the source of that run-out. I think it is more likely to come from bearings or bearing mounts than the machining of the spindle taper itself. If you do find it is the taper, it would be possible to remove it and clean it up in a lathe. When in the lathe you need to ensure you get it running true to the bearing surfaces (not the taper, known to be out) before cutting anything from the taper, which could be tricky on a small spindle like that - depends what kit you have. I'm not sure if the Kress spindles are hardened but they may not be - in which case grinding would not be essential and a much easier set up could be had using a small boring tool.
LongRat
www.fulloption.co.uk