Thanks for all the replies and intrest in my question. I have read and appreciate every post.
I plan to look for a proper dial indicator. I'm not a machinist, but did have a course in metal working as part of my graduate training in physics - we often have to make or at least spec research equipment. Reading the scale will not be an issue.
IMHO, the MB spec is primarily to be certain the bearing is tight but not under a load. Doing it by feel would probably eliminate the preload but could likely lead to failure from being too loose. I doubt the actual tollerance is that critical as long as it is small and not 0.
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