I've always refaced and then used 'Kasenit'. May be difficult to locate these days, but I'm still working my way through a large tub bought in the seventies.
Yeah, agree with John. Made my own rig for rod balancing, but it took a lot of thought to get it consistant. MkIII seems to be spot on. (Pharma balances are really way too accurate, but use the toys you've got). Just adapted it for F**d sizes.