No not quite. K3 can be used to measure the arcsec/min drift in both Az and Elev. By using the normal drift method but with K3 instead of a Reticle I can get a polar alignment accuracy in 30 min that would take you hours (if not longer) with a Reticle.
Check this thread
http://www.iceinspace.com.au/forum/s...ad.php?t=30794 for some details.