Yes! Or very nearly so.
Further, far more than a DRO!
The electronics are good to have but they perform a different function. DRO or plain dials, you still need to identify the datum sides from which other dimensions spring. That’s what the edge-finder is for. You can use alternative methods I describe briefly below, but it certainly does help you.
I don’t know the type Blondihacks uses, so perhaps it’s one designed for use with a DRO.
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You need locate a hole, width or other feature more often from an edge than anything else. Often the work-piece is essentially rectangular and then one corner acts as the datum for the rest by being two edges at right-angles. That corner should be as shown by the dimensions on the drawing – if you have a drawing and it’s dimensioned properly!
Best use? Well, really it can only be used for its one purpose and in one way.
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I’ll describe as for a milling-machine with no DRO but the instructions are the same.
The plain types are commonly a probe mounted in the end of a cylinder containing a spring that acts on the probe. The cylinder is set in a chuck or collet, and that set revolving at a modest speed.
The table is advanced to bring the edge, strictly, the vertical face below that edge, moved slowly into contact. Keep going, gently: the probe moves into concentricity with the spindle, until just as it goes past centre it suddenly flicks far out of concentricity. One type swings the probe up away from the edge, another keep it against the face but obviously eccentrically to the axis.
That places the edge (which can be something like a vice face, not necessarily the work-piece) short of the spindle axis by the probe radius.
Then move the table further in by that radius, to put that datum edge directly below the axis.
Null the dial (or the DRO reading) for that direction.
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It’s good practice to wind the table well back and try again, to verify the first reading. I usually manage to make the two readings within a couple of “thou” or so of each other, so I set the table to the average point, then test again.
NB: always approach from the same direction to remove backlash errors..
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If setting a datum corner you now move the table so the first “edge” is past the spindle and repeat the above for the second edge, at right-angles.
Depending on the work itself, if you are trying to locate features on a centre-line symmetrically between parallel sides, some advise testing off both opposite sides.
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Are there times when the edge-finder, or lack thereof, is not critical?
Yes.
You can locate the edge under the spindle axis by using a cutter. The work is advanced towards the revolving cutter until its flank edges just start to tear a piece of thin paper “glued” to the work side with a touch of oil. Then with the cutter retracted, advanced by the cutter radius plus paper thickness. It’s not quite as accurate, as it needs measuring the cutter across edges and the paper’s thickness, and not advisable when the face is already finely finished, or is a jig or vice-jaw, but still sufficient in many cases.
Occasionally the datum is entirely within the part’s surface and the distance to the edges not critical within reason. Then you can pick up the edge, or marked-out datum centre-lines, by eye, using a finely-pointed probe in the collet or a drill chuck.
Existing, cylindrical datum holes can be located with an accurate cone or peg in the collet. This works the other way round, so to speak. The workpiece (in a vice or not) is allowed to float along and across the table, then using the quill the cone or peg is lowered gently into the hole so it just nips it against the table. Lock the quill then clamp the work, and nullify the dials. This is often used to centre a rotary-table or spin-indexer under the spindle.
With all these methods, observe the usual rules about table direction to obviate backlash errors.