A drill press table should be square to the spindle. This minimizes run-out by keeping the drilling forces square.

To square the table to the spindle you can put a piece of a coat hanger in the chuck, cut it and bend it so that the end is sitting just above the edge on the side of the table. Then spin the chuck so it sweeps across the table. Adjust the table so the space between the coat hanger and table is even on each side. You can lower the spindle as you get the adjustment fine-tuned until you have the coat hanger lightly grazing the table in the full arc when the table is perfectly level.

Watch the video below on leveling the drill press table.