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Phil - I assume you zero'd it out at 12 o'clock. There isn't any need to zero it out but it works either way. I assume these readings are all on the same side of zero - if so then the results depend on if these readings are all less than 0 or greater than 0.
If I assume all the other readings were on the same side of zero in positive territory, then horizontally you are only out .0015 to the right (pass side). If the readings were less than zero, then it's very slightly out to the left side.
Up and down is .004 out which is not great but generally regarded as OK.
A hint if you want to play around with it some more - loosen the bolts to just lightly snug and whack the bellhousing with a rubber mallet in the direction you want it to move and you might pickup a thousand or half a thousand from that - depending on how snug the bolt holes and dowel holes are. But Quicktime Bellhousing are usually of pretty high quality and align well.
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