Carbonrod,
What can go wrong? Here's a story and then you can tell me what you think.
4 of us got on a scope leveling mission a little while ago with heavy rifles. Three had Mark 4s and one had a Nightforce on 4 different Remington custom builds which were 3 Edges and my .300 Win Mag not that matters. The idea was to establish once and for all that the scopes were on straight or at least that the elevation turret tracked straight up and down with about 30 MOA of cranking while in a postion that the gun mounted level claimed to be level.
What brought all this on was one of the guys swore his rifle was level when the US0 rail mount showed a quarter bubble off level, and a long running debate on how much difference it made.
We used a wheeler engineering tool to ride the action rails and a selection of levels to establish a level position for the rifle, a straight line for a crosshair reference and a critical 4 man commity to eyeball the snot out of anything and everything. We also leveled off the turrets of the Mark 4s for science before we ever got there. That's a whole other debate, but while you're playing you may as well do everything you can.

The long and short of it is that when we all agreed that the rifle was level, the vertical cross hair lined up perfectly with the vertical reference we used when the level on the turret said it should.Maybe we were just lucky but those seem to be be on straight at least on these 3 examples. From there it went downhill. The guy who thought his bubble was off by a quarter was right. Another guy had what he believed to be a square mounted scope, which was true, but the rail was so far out of whack that you could see it. If you leveled from the rail it looked like the rifle was going to fall off the rest. His bubble was off the chart. I blame the base mounting screws being in the wrong position, and have yet another Remington rifle with the exact same issue.(It came out of the Custom shop like that, but I digress)The 3rd person believed that he had no issues with his rifle, crosshair alignment or scope mounted level and we believe that he was right all along. Myself, hell I don't even own a level so thought I was just along for the ride, but got roped into this as well. Swapping the 2 identical levels gave different results on 2 different rifles. Since those two rifles had the same TPS rail as me, we stuck one of the USO levels on mine while we were at it. This got interesting because when we went to mount one on my rail it was so loose it rattled when fully tightened. Great.

A short list of what can and did go wrong would be:
1) the level can be hooped.
2) The rail can be hooped.
3) The mounting holes on the action can be drilled out of whack. This one happens a lot more than you might think.
4) If any of the above conditions occur, there is FA you can do about it with a non adjustable rail level.
This is why I want a scope mounted level, even though I like the look of the rail job better too. At least I'll be able to work with it a bit. An adjustable rail level might work, if such a thing exists.