I use a digital inclinometer -
a cheap one off eBay - but it works very well. I also use it to level the tripod (after southerly alignment). It's quite accurate - after accurately polar aligning, I've re-checked elevation with the inclinometer, and it still says 27.5 degrees, so it's within +/- 0.1 degrees, which is exactly what is says in the tin.
As for a compass, I've only needed a simpler approach (see photo). I align the vertical mark with the tripod spigot then rotate the tripod to align the horizontal mark with the compass needle (the difference between the marks being the difference between magnetic and true South, of course). Despite concerns that the compass might be inaccurate that close to the tripod, I've had no such problems.
By the way, the plastic cap is a perfect fit ... IIRC, it's off a Glen 20 can ... and the compass is dirt cheap
like this one and simply glued on, albeit very carefully.
Using this simple approach, the Sigma Octans asterism is well within the polar scope field of view. I barely have to touch the elevation bolts, and won't bother if I only want a "quick and dirty". Azimuth is within a couple of degrees and should take a couple of minutes to adjust, assuming you can see Octans well enough. Of course, there are some nights when seeing Octans at all (in an EQ6 polar scope) is a pain in the &#$*, no matter how accurate the initial setup.
And another thing ... as most people probably know by now, the EQ6 elevation scale is way off!
Hopefully this helps someone.
