ok here's one tool i will admit to making, and it does come in handy for other things too.i call it an alignment bar,,take a ft long piece of CRS , nice and straight and clean, about 3/4 od, put in 4 jaw chuck , indicate to .000 ,face off, take center drill in tail stock and drill, then FYI put a indicator on that 60 angle, and bet most of u reading this will get .001-.003 runout !! get a piece of HSS grind to shape, and use it to slightly recut the 60 angle, so u have no runout..remove bar, flip around and do other end also..put dead center in headstock,indicate to .000 and another center in MT3 toolpost,after u indicate toolpost holder exactly 90 degrees to ways,put bar between centers,and use indicator with magnet OFF, on the ways across the top of bar,,from headstock to tool holder,then u can raise or lower tool holder till its perfectly on center..this alignment bar can be used to get tailstock prefectly centered ,and also offset for cutting tapers..and as to "set and forget" your tool holder ,dream on !! our home use lathes are not ridged and straight enough,,u may have it perfectly centered at the headstock , and find it .003 low at the end of your ways.best to get it centered in the middle and call it done..good luck..