The function required of an indicator stand is that it holds some type of indicator gage in a stable position relative to a reference base (typically a surface plate or table) that stably holds an object to be measured by the indicator.
The two questions to be asked -- at each and every use of the indicator stand -- are 1) is the indicator stand stable with respect to the reference base, and 2) is the indicator gage, as held by the indicator stand, stable with respect to the reference base?
Verification of stand-to-reference-base and stand-mounted-indicator-to-reference-base stability, to repeat for emphasis, must be verified at each and every use. Calibration stickers don't guarantee that stability.
And for the record, I've used improvised indicator stands when making customer-witnessed measurements of space-flight hardware. Never had a customer express concern about the junkbinium indicator stands, but I've always explained the improvised stands and demonstrated their stability before starting the for-the-records measurements.