Ray didn't know how to check lateral runout and asked for some more guidance. 
 I thought other listers might want the info as well so I'm copying to the 
list.

Ray,
Checking lateral runout is an easy thing, and is probably in the bentley.  
You need a dial indicator and appropriate mounting base.

Remove rims, use bolts to tighten rotor evenly to hub.  Car in Neutral.
Mount dial indicator about 3/8 of an inch from outside edge on outside face 
of rotor.  The pads don't always go right to the outside edge, so this avoids 
this groved area.  Check to ensure runout is within spec by spinning the rotor 
by hand.  Record measurement of high and low spots, then remove rotor, rotate 
by one bolt hole, repeat.  Find the position which leaves the smallest amount 
of runout.

Runout is defined as the distance the outside edge travels in a lateral 
direction as the rotor is spinning.

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This one has a pic of a dial indicator being used:
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It's the most common setup, the one's I've sold (Central) are about $30 as I 
recall.  Magnetic base, adjustable arm, and dial indicator.

Mark Rosenkrantz
Marker510@aol