Nothing on this reamer holder actually floats. The front ring is able to slide back and forth on the ground shoulder bolts but that's just to adapt to different reamer shank geometries.
As far as set up goes. I like sharing portions of what I do with others as some do find it helpful and I do genuinely enjoy helping others, however there are certain things that I prefer to keep proprietary and this is one of them.
Regarding the actual muzzle, I use an indicator and shove it in to where the bullet is going to bite the lands on the breech end and then where the bullet is going to exit the crown at the other. I get it as close as I can to zero and then I give it hell.
As a note. I once took a chance just to see what'd happen. I was building a gun for myself and wanted to see what'd happen if I only indicated the breech side during chambering. The barrel was a 6mm from Kreiger.
I did all my usual steps for getting the breech on center. I allowed the muzzle end to hang in the breeze out the back of the spindle. No spider, no nothing.
I threaded, bored, and reamed as usual. although the reaming part went a little slower because I didn't have pressurized oil running through the bore like I normally would because I didn't want to influence the crown end with additional bob weight hanging off of it.
That gun still shoots great. I don't do this as a practice but I do enjoy experimenting with my own stuff just to see what will happen.
Take it for what it's worth.
Cheers and all the best.
Chad