Torque converter runout

In any converter shop I've been in, converters being welded together and having the runout check are always mounted on a thick steel backing plate. This guaranteed they were square in the lathe. They are bolted to this plate via the mounting nuts or studs on the converter.
Run out is very limited.
You live in Ontario, I'd phone Pat at SMR transmissions, he's in Bradford, and the number there is 888-846-6603, and see what he allows for maximum runout on the converters they build. The shop I worked at is closed now, so I can't call them to give you their specs
I agree with what you are saying, but you should be able to duplicate
A runout check. I would think as long as you used a dial indicater
And spend the time to get it concentric.
You could indicate off the flex plate mounting pads for squareness
And his lathe picture is showing to be clamped on the pilot of the converter. These are the same surfaces that locate the converter on the flex plate. Then the snout should run pretty accurate.
A dedicated converter manufacturer would have dedicated fixtures and jigs to do this in the essence of time but you should be able to duplicate that at home in a lathe.
Having said that there is also a reason there is a flex plate.
In compensates for some amount of inaccuracy within reason.
But no flex plate is gonna compensate for excessive inaccuracies in manufacturing. That's what he is checking.