A855 - 5 Speed
I used a magnetic dial indicator to check runout the first time I was made aware that such a thing (runout) existed and that the alignment w/in spec wasn't "certain" just by putting the bolts through the holes in the bellhousing.
Too small a fraction (even for us slackers who are satisfied with 3 decimal points, ie: .010" total or less) for me to use a contraption that no matter how strong the magnetic base, how tight the elbow wing nuts of the arm(s) holding the dial indicator at just the right angle to make continuous contact as it's rotated around the circumference of the bellhousing opening, WHILE the person turning the crank via the pulley bolt, on the OPPOSITE side of the engine from where eyes need to be, especially if you are trying to detect any subtle slide, wiggle, etc of that mag base stuck on the flywheel or crank hub.
Yeah, I don't have enough confidence in that to use it for checking runout.
IF a similar dial indicator can be solidly mounted, AND with maybe one elbow joint, sure, I know that works.
BUT
I take getting that measurement so seriously that investing in the Browell "jig" was well worth the peace of mind, and it also makes it easier for a visually oriented guy like me. I used it on my Roadrunner and will every time I put a bellhousing on, and I also bought the appropriate Pontiac version, for the TKO 600 that's in a box, to be installed soon behind a well built 421 Tripower.
These pix show the step by step process for using the Browell tool: