And with a good indicator holder
Its possible the "as cast" painted,rounded surfaces of a press won't offer a good surface for a magnetic base or a clamp type indicator holder to work.
Some presses are aluminum. If you look at where the structural strength of your press is,you can find a place to drill and tap a 1/4 20 or 10-24 hole in your press casting.
You can then take a piece of stock,like maybe 1/2 by 1/8th cold rolled,or,what you have,do a little bending and drilling to make a bracket that you can attach to the drilled and tapped hole(s) and your indicator back. You can design one that will hold your indicator in optimum position.
If you re-enforce your bench top with plate of cold rolled under your press,you have a flat,secure spot for a magnetic base.
Point is,if you have an indicator,there are MANY ways it can be used.
Machinists "tram" the head of a mill square,perpendicular to the table by sweeping the mill table with an indicator mounted to the spindle.
They square a vise by traveling the table with an indicator on the fixed jaw.
They locate over a diameter by putting an indicator on the hole or pin and rotating the spindle.
In a lathe,we tune runout out of a 4-jaw chucked round part with an indicator.
A clever guy can actually set up parts pretty accurately in a drill press using a piece of wire chucked in the spindle like a crude indicator. You can sweep the table to square it. You can center up on a feature by bending the wire to nearly touch the feature,then turn the spindle 180 deg. Move your workpiece 1/2 the space between the wire and the part. Repeat. Just as with a sight picture,your eye can center a small gap very accurately.Add a jewelers loupe,
You might position to .002 or .003 pretty easily.
Its about seeing where one would be useful.