Wondering what everyone thinks is an acceptable amount or runout for a 1/4" dia endmill. Is there a standard way to measure runout on an endmill? Does one just check the highpoints on the flutes? the bottom of the shaft before the flutes start? etc.

I ebay'd some endmills for next to nothing but alot of them seem to have a fair bit of runout. Like a hundredth measured an inch from the end of the collet on the shaft. Is it a mistake to assume that the shaft should be straight an circular, after all as long as the flutes are in line with the part of the shaft thats in the collet what does the accuracy of where im measuring matter? Anyways, I'm just a newbie to this and hopefully some of this will make sense to someone more experienced.

Also, I checked the runout on on the collets, its not perfect but its decent enough that its not the cause of all that wobble in the endmills.