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I don't have a record lathe and have little experience of them. A 5 mm misalignment is  a large discrepancy. Some lathes are "handed" in that the banjo clamp is sided and also some castings are offset and clearly reversing it could cause a misalignment. My other concern is that the extra stress suffered by the head stock may have flat spotted the bearings. You should be able to diagnose this by hand rotation of the stock if the bearings are damaged I would expect you to feel a less than smooth rotation. A simple way of truing up the head stock and tail stock is to mount chucks on each insert a tool steel rod or even true drill bit in the head stock chuck and attempt to grip the other end with the tail stock chuck if successful the lathe will be reasonable true albeit fine adjustment will probably be needed. Hope this helps


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