Interesting tool. Till now i have always found my center by using a revolving center in my tailstock and i bring it right up to my cuting bit ,then keep adjusting the height of the cutting bit until the tip is exactly in contact with the tip of the revolving center. its quite easy and fast.
Is there anyone who does the same or have i learnt something inaccurate?
Yep, that's exactly what I do, except I use a dead centre rather than a live one - only because the point on the dead centre has gone rounded over the years.
Of course, for that method to be accurate, one has to be sure that headstock and tailstock are absolutely aligned vertically.... which I'm not, but so far it's given me no trouble.
also how do you level a lathe on a ship ???
Easy! Just wait until the ship is exactly level between two waves, and set your lathe up then. Unlike a land-based lathe, at least a ship's lathe will be dead level some of the time... (a bit like a stopped clock being exactly right twice a day).