Yeah, while I'd never say 1/4" out is *OK*, I also wouldn't be overly concerned if it were my tank... Probably better to level it better if you can though
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A couple things to keep in mind when using a level for tanks,
1) low end (cost) levels are not always "square", so even if your bubble is in the slot it doesn't mean the vial is exactly parallel to the base of the level. Personally I won't use levels that aren't machined on their base surface. Just a better chance the are square. I knew a guy who used an out of square level for building a wall with a doorway... Everything was square to everything else he built but NOTHING was true to the original building... The door was slanted off by almost 3/4", try fittin' a door in that lol
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2) Make sure to check both planes. (front -> back and side -> side).
3) make adjustments slowly, small and check both planes often. It's amazing how much of a difference a 1/8 shim will make over 6'
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And anytime man
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Chris