You would lap the tailstock, not the lathe bed. I did a similar process to my saddle a while back, and your post inspired me to finally write it up.
You can see the write-up here:
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--- In 7x12minilathe@..., "cptwinderatgmaildotcom" wrote:
>
> My tail stock has a serious wobble in it, from rear right to front left. Causing it to center differently depending on how tight I tighten the lock screw. The tip of the live center moves ~1/8 of an inch.
>
> I considered sanding/lapping for a better fit; but I don't want to sand/lap away the lathe bed in the process.
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> Ideas on how to resolve this issue?
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> Also, is there a mod for making the side-to-side adjustment of the tail stock easier? I mean really, who decided one of the screws should be on the bottom?
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> Thanks in advance,
>
> Jeremy
>
