Does anyone here make a practice (for matches) of measuring/sorting the bullets based on minimum runout?

If so, how do you measure it &, with that form of measurement, what range of runout do you find.

AND, how does that correlate to accuracy?

Military (7.62x51) match ammo is (as noted in the FM) about 2 or 3 thousandths.

(no I only have the one vblock)

Runout is a simple measurement.  Of course you allude to the important relationship of coaxiality - is the bullet's axis the same as that of the axis of the bore.   

We're making the assumption that if the simple runout is low that the coaxialiity is also good.

It incudes ALL the errors:  axis off center (perhaps from varying wall thickness), bent bullet, bullet not aligned axially with the case, et al.  (Not to mention the fit of the casing to the chamber.)

In the  picture you'll notice that the bullet is supported at its nose and the case down by the base.  IF the runout is minimal, that's good.

Cat, I have been checking the run-out on all of my cast bullet loads in the 45-70 and 40-65 for silhouette shooting.  Sorry, but I haven't checked the difference in accuracy if not checked.  Just an anal thing with me.  I use a RCBS Case Master concentricity tool that supports the back of the case and the gauge runs on the ogive of the bullet like yours.  Any round that measures over .003" I will push in the opposite direction on the bench to straighten. Sometimes I get .005 " or a little more on my rounds, most likely due to case thickness or who knows.  Any rounds that cannot be straightened will become foulers. My silhouette rounds will measure 0-.002,3 " of runout .Boson

Any bullets exceeding .001 runout can affect accuracy.
The more the runout the more the accuracy may be affected.

I would only shoot bullets with a maximum of .002 runout in competitions.

To minimize runout I used the Shiloh inline seater for my .40-65.

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my attempts with shooting slightly long, loose-seated bullets always left me with the nagging notion that some slipped into the case further, while some did not. And to variable amounts. No way to tell for sure, but whether or not that was happening, it bothered me, and accuracy didn't get better- end of experiment.