If the stylus were elevated 0.75 inch, and the arm was 10 inches from pivot to stylus, the arm would be off level by 4.3 degrees.
Cosine of 4.3 degrees is 0.9972
So a VTF that ought to be 2 grams will measure as 0.9972*2 which is 1.9944 grams.
This is an error of 0.0056 grams.
Big deal!
It strikes me as funny that vinyl fans, who usually discount all forms of measurement and insist that only listening tests count, should fuss so much about accuracy of VTF scales. Of all the audible characteristics of pickup setup, VTF is the easiest to optimize by ear.