I use a slightly modified version of this with a DSLR and it works fine for me. The main difference between the way I do it and this method is I level the tripod and set it 12 degrees East of South for Sydney and then place the mount on the tripod (rough polar alignment). After that my method is basically the same except I use 15 second exposures to fine tune my alignment.
Whether it will work with a CCD I really don't know.
Good luck with your alignment and above all clear skies.
