running a mass produced lapping tool in a hand drill, you are more likely to screw it up than improve it. You cannot do better with a $20 tool and a Ryobi drill than a 6 figure millturn or machining center does with a dedicated stepped reamer that cost more than your rifle.
With all due respect - I agree with the second half of this statement, but I humbly disagree with the first half. A lapping spindle can't out perform a proper lathe, but that's not what we're "competing" against when it comes to stripped forged uppers.
I've turned uppers on center and measured runout pre and post lapping. I do agree the lapping tools do not yield the same results as truing on a lathe, but I've personally seen the results in runout reduction coming from a factory fresh upper to a lapped upper. These things leave the factory ROUGH - I've seen angular offsets, wobble, raw forging stubs... Spinning them on center shows a lot of change. Lapping with the spindle DOES improve this. It's not as true as turning on a lathe, but I have PENNIES invested in the tools per job I've done with them over the years, compared to sending out to a machinist and having them faced.
So no, lapping with a spindle doesn't match turning on a lathe - but that's not what a guy is comparing against when they buy a factory forged upper. I've not seen it to be difficult to improve the perpendicularity on the tenon from factory condition, even with a hillbilly toolkit.
And by the by, since you laid it out there, I'm not averse to pulling apart an S&W revolver without youtube either. I was working under a smith rebuilding revolvers before youtube was a glimmer in someone's eye.
(On a similar note, some years ago when I was still partnered with a machinist/smith, I also did a test of the PT&G piloted facing & lug cutters for manual blueprinting on some "spare" Rem & Mauser receivers. Similarly, the kit did not produce the same runout as turning on a lathe, but it DID in all receivers improve the truth of the faces and lugs when checked on the lathe. It doesn't replace a lathe, and for the cost of the tools - unlike the AR lapping spindles - it's not less expensive than having a smith blueprint the receiver, unless you're doing a bunch of them, but it DOES improve the "truth" of the faces to the bore axis over how they left the factory).