Maybe I am crazy to consider straightening an arbor in the machine, and maybe not. My milling machines have plain bronze bearings. Yours probably ball or roller.
But consider how much force it might require to straighten a simple bend near the shank..the only kind it would be geometrically practical to try to fix in the machine. Your rolling-element bearings are probably larger but a mere 6308 (40mm bore 90 mm OD) has a static load capacity (the load that will NOT brinnell) of over 5,000 lb, according to a New Hampshire Ball Bearing co data sheet that was easy to pull up. You can figure the leverage based on the length of the arbor and spacing between front and rear bearings of your spindle.
The suggestions of checking runout with good spacers torqued up is good, because they will tend to straighten the arbor, and also to check the bare spindle.
I seem tgo remember another thread on same subject, which eventually agreed with my experience that it is unrealistic to expect a cutter on an arbor to run perfectly true, same depth-of-cut per tooth all around...unless you grind it in place. This is more noticeable with light cuts and flimsy setups...like most of mine.
With the cost of arbors, IMO it is certainly worth invesing a couple of finicky hours on the press with aluminum shims and indicator IME .002 TIR is attainable most of the time.