I got my little "test" rig put together today, I bought a trailer axle spindle, welded a short stub of pipe on it, stuck an old trailer hub on it, put it into one of my engine stands, used a couple muffler clamps to mount a piece of steel for the dial indicator.
I have a modest stack of 24 bolt paired wheels to go through.
Now I can start the tedious and painstaking process of first checking the outside half, then if it passes checking the inside half, changing the "timing" until it gets as good as possible.
My goal is less than .050" radial runout which seems to be one standard I found while searching the subject, this first outside half came in at .023" not a bad start...
EDIT, .050" seems to be the standard for steel rims (radial and lateral), .125" for a mounted tire, of course most machined aluminium wheels will come in around .001-.004" because they are CNC machined, now I see why aluminum wheels are so popular!!
I am waiting on some more lug nuts to come in before proceeding, got tons of 9/16, this hub uses 1/2"