Different driveline angle on balancer to output shaft?

nah, I recalibrated the gauge and used a little level to make sure the gauge was plumb.

No and this right here is the problem. You can not measure degrees off plumb with a canted instrument. The instrument MUST be plumb in the dimension opposite what you are trying to measure

So far as the tail bushing, I doubt there would be anywhere near that much difference., although there certainly could/ will be some

Also possible the balancer flange may be a bit "wobbly" You might wrench the engine 1/4 turn at a time and take readings.