You don't do things by half. That thing's shattered. Easy mistake to make, and one you won't likely forget anytime soon.
All fixed now!! New bearings have made a huge difference to it. I have used linear angle bearings and reduced the runout from what was already a respectable .02 to .003. Not bad for a cheap chinese lathe. It runs a lot quieter now as well.
Every cloud has a silver lining!!!
Glad I have a press though!!