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A piece pf paper is still on the unacceptable side as far as run out is concerned (~.004). Also that is not at all a consistent or repeatable way to measure something. Pick up a dial indicator. You'll find it will get a lot of mileage in your shop and can be had fairly inexpensively (around 20.00 for a basic one that will do what you need it to do).

It's also important you measure the same tooth on your blade. Pick a tooth and mark it with a sharpie. Take your front measurement then move the tooth to the back of the saw at the same height it was in the front. Measure again with the dial indicator secured to your miter gauge. This is how you measure for run out. Measuring across the bade isn't the best. The teeth all have a different set, and the plate may not be completely dead flat (especially on lower end blades).

Also since you are aligning your blade perfectly to the miter slots, the dial indicator will make aligning your fence a breeze. Just flip the jig you made around and align your fence to the miter slot as well.

That's good news that the saw doesn't have the defect present. Once you get it aligned, you will have a great saw.
 
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