I suppose.. although in this case, my personal preference would be to stay inside the lines because I'm going to have to come back to the base line with a chisel anyway.
I think the point here is that it's a matter of degrees and not absolutes. I would say that if you don't get a good friction fit or there are perceivable gaps, then it's a problem. Not sure how much runout would be a problem since I don't do much pegged joinery. At some point I'll get out the dial indicator and reset the taper i\on my new drill press. But I probably won't bother until I have a task that demands that level of precision... which in my case may be never.
To each his own I guess. Some guys probably need it (Pat is an obvious example). I just must not make furniture or do the type of joinery that requires it.