If you think about the 1 1/2 thou run out, it may be a bend in the journal landing it self ...really has little to do with being a part of the crank shaft assembly as you are measuring a shaft that is contained in the bearing bush
What is the clearance between the bush & the journal section?.......you need not measure these components, just try & gauge deflection on the indicator
If you move the indicator pointer closer to the web, does the run out decrease?.........
What is the reading on the opposite journal?.......... Derek