Eben, I wind by hand and don't use a stand/wrapper at all.
If I have to say, I'd probably guess that it has to be at an 90° angle to the blank. This way you would not struggle to see the thread as it goes onto the blank. Anything under over over this angle would make the thread go "under" the blank. That's off course if your bench/wrapper is of such a height that you'd look "down" onto the whole setup.
So, I guess it's a relation on bench/wrapper height as well.
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