If by 0.002" runout you mean TIR, total indicator reading (as in 0.001" per side) that's pretty decent. Inline or maybe better than average for medium price chucks. For 62$ that's a great score IMO. Just for sh*ts & giggles, measure your R8 bore, ideally with a DTI. If its bang on, then the deviation is occurring between your arbor and chuck assembly. It could be either or. I've had a crappy arbor with 0.005" runout measured on the tapered boss which fits into the chuck. Back it went. You can also get combinations like the female socket is out 0.002" & arbor/chuck is out 0.002, so depending on how its orientated & seated you either get 0.000" or 0.004". The socket side should be very low runout but if it was abused or the bearings are going... BTW when you check things like this with a drill confirm that the letters on the shank are not every so slightly raised as it & it may not chuck 100% true depending where the jaws land. My good bits are all sub-surface, but I have others I think were stamped & not ground up there. Dowel pins or drill blanks are great for things like this, they are hardened & precision ground & reasonably cheap.