The spec is to get it within .005 because that's how much 'wiggle room' comes stock between the bell and dowels. On a lakewood you can snug a couple bolts and tap it around until it's perfect then weld up two tight ID washers on two of the opposite holes to permanantly locate it to the block. At least thats how I did mine- cheaper than offset dowels.

I Might get flamed for that haha

Good luck
Radar