how do you use a steady rest?

[creedtown182]

After the shaft is in the machine and running true at the chuck, how should I indicate at the steady rest end? I know I can clamp an indicator to the shaft itself and sweep around the tailstock center if the tailstock is inline with the spindle. I also know I can put an indicator in the tailstock chuck and spin the shaft. Could I just place a magnetic base on the ways beside the steady rest, have the indicator touch the shaft, and just adjust each roller until the shaft runs true? how do you guys do it? thanks
Brian