Reading the posts reminds me of way back when I was not retired. Some of the blueprints I turned in had no deviation written in as standard was ±0.003". Some I would write in the deviation, sometimes as tight as ±0.0005". Those I gave to the mold-makers not the machinists.
If the standard is set and there are ten fitting faces the accumulation could add up to ±0.030" which is a very long way from precision fitting. Imagine a straight shaft with a 0.030" bend in it, say your barrel bore, would this be acceptable? I am not going to do the math but 500 yards would be an impossible shot.
It all comes done to the purpose of the tool. Heavy wooded hunting with no shot further than fifty yards, extreme precision not needed. Hunting the plains or desert hills where the big horn hang out, precision would be a must.
I don't think anyone can eliminate deviation from Perfect, But if you reach the limit of your measuring tools (Normally they will go down to .0000 and some will go to .00000) the lathes will not do any better than that unless they are special.
The idea is like you said, to remove as much error as you can. I have seen rifles that had totals of more than .015 to .020 thousandths error. Some cancel others out and some minimized others, so the more errors you remove, the better the results.
Even before this sport came along, some were satisfied with a Minute of Deer accuracy and many were not. there are still many that will settle for 2 MOA because of the distance they hunt and that's ok as long as they stay under 100 yards. remember, just because the rifle will shoot 2 MOA doesn't mean that in a hunting situation the shooter will do as well. normally the shooter contributes another 30% to the accuracy and it becomes 3 MOA if lucky.
Most of My instruments will measure down to 1 10 thousandths (.00010 and a couple will go to .000100 thousandths but they are very hard to use on somethings and most shop machines won't hold that tolerance.
So as said, any improvements are a plus and by the chance you get a precision barrel and nail all the truing, and load great ammo + you have an outstanding day at the range, the rifle and all of your work will have paid off with some unbelievable accuracy.
As one of the site sages likes to say, "You cant make a silk purse out of a sows ear"
Blueprinting can't guaranty a 1/4 MOA rifle, but combined with other well done elements it sure goes a long way.
J E CUSTOM