Sorry for the slow response to the last few posts - have been flat-out at work in the lead-up to Easter.
I was able to use AlignMaster to get a very accurate polar alignment within about ten minutes (once I got EQMOD and all that other b.s. that goes with it sorted out) so I am very happy with that solution.
I plan on adding in a webcam of some sort and upgrading to PEMPro at some stage to increase precision further (once I get some more cash in the bank and I decide to buy an autoguider) - but that's a few months off yet.
I agree with LewisM - my setting circles are next to useless. Closest I've had elevation to being correct was at about 20degrees on the circle itself (Melbourne is, what, 38deg?)... so mine is at least 18 degrees out!
Geoff- thanks for the thought, but as I detailed in my original post, I had issues doing the drift alignment.
Thanks Ken for your offer (and for offering the same several times in the past - you're too generous!) but for now things are sorted. I was particularly interested in your suggestion (seconded by Alistair) regarding the solar noon shadow. This could be useful for setting up the mount when I want to image the Sun in the afternoon. Sadly, my backyard isn't exactly secure so I can't leave the telescope set up and bugger off for a few hours...
Thanks to all for the suggestions and help. Happy Easter.