Tolerance for chainwheel wobble?

I am in the middle of a rebuild project and installed a new BB (of last resort) and a new crank set (that does not come with any bragging rights). I noticed that there is a visibly noticeable chainwheel wobble. When measured, the wobble range is approximately 1.5 mm. Is this something that I should be concerned about?

I have not yet installed the chain because the rear wheel is not yet present. Therefore, I don't have a sense of how the chain actually runs. What I understand from reading Sheldon Brown's blurb is that within a 1 mm tolerance, it should be fine. 1.5 mm does not seem like a significant deviation, but I am not certain.

I have not yet tried in earnest to pinpoint the cause but wanted to know whether it was worth bothering to extract the crank to do a thorough investigation.

Any thoughts would be appreciated.

When you say 'wobble' do you mean the whole unit rocks or is it something that could just be a slightly bent chainring?

The latter, or bent spider or BB spindle. Not loose, so no rocking.

If its a new BB the spindle shouldn't be bent... I doubt 1.5 mm will have much of an effect anyway

The original chain ring on my fixed had a 5mm side to side wobble and also went up and down. Not sure whether it was like that when I first received the bike from new. Proved to be a bugger trying to get the optimum chain tension. Later found out you could get the whole chain set including BB for £40 off ebay. Chain ring was made of foil. Fitted a Miche Primato Advanced chain set and, I didn't measure it but, it looked pretty accurate. Couldn't get a perfect chain line but will be trying an SRAM Omnium this weekend. I'd expect that to be within 1mm otherwise I'll be unhappy.

If its a new BB the spindle shouldn't be bent... I doubt 1.5 mm will have much of an effect anyway

I tend to agree and hope that I am just being overly sensitive.

The original chain ring on my fixed had a 5mm side to side wobble and also went up and down. Not sure whether it was like that when I first received the bike from new. Proved to be a bugger trying to get the optimum chain tension. Later found out you could get the whole chain set including BB for £40 off ebay. Chain ring was made of foil. Fitted a Miche Primato Advanced chain set and, I didn't measure it but, it looked pretty accurate. Couldn't get a perfect chain line but will be trying an SRAM Omnium this weekend. I'd expect that to be within 1mm otherwise I'll be unhappy.

5 mm is a bit much on anything other than a beater, I would think. Looking at my situation from the bright side, at least there is no vertical wobble!

So, I did a bit more investigation based on Sheldon Brown's method, which entails, amongst other things, re-installing the cranks turned round 180°. This produced the same result, which is supposed to identify the problem being with the BB.

Thanks to suggetion received from Alec at Vélo Orange, I re-installed the cranks rotated at 90° and the wobble is now reduced to 1 mm, which I find satisfactory. I have not yet finished the bike so have not gone out for a spin (and the weather is not being co-operative anyway). However, I feel much better about it.