Jason – you missed the elbow grease bit.
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One alternative for machine tools rather than models is Hammerite.
The model aircraft people have a very good product called microballons. These are actually tiny little glass balls, but to you and me it looks like a fine sand. Add to expoxy resin, and you get a nice sandable, but epoxy coat which is much better than car filler and much easier to sand and of course it sticks like … to the proverbial. Acetone is the best solvent, paint thinners works but is second best. Layer thickness doesn’t matter.
Increasig the ballons content makes it very soft, more epoxy less ballons makes for a good solid surface.
Cheap, quick and very easy to use, but its worth just wiping it over with acetone once when hard to stop the sandpaper pinning on the outer retarded air coat typical of most epoxies.