Measurement sounds easy but can be quite difficult to get repeatability. We do this many times on large motors in the repair shop. If you email me I will send you to the procedure we use. ipreston@kadon.ca.
If you need to correct the runout this can also be difficult to achieve. Residual gauss can be a problem any more than 3 will give poor result.
Basic, Surface finish Minimum must be ground prefered diamond burnished (5 Micro finish)
Support while testing Non metalic Vee Block (don't use the bearing) or Babbitt lined vee block.
Turning in a balance machine with hard bearing supports
Record runout with a 7200 series BN probe, capture trace on an scope.