Ric: NO the PTO runout is not normal. I own 2 R-388 and they are roughl the same as yours. I have also owned R-388's when they were brand new. In new condition, even at the band edges, the correction was only a Kc or 2. This means we have work to do to correct the runout. I am too lazy so I just accept the errors. There are several articles written about the repairs. Good Luck.
Charlie, K0NG ..