Hey Tex,
Call me sensitive, but I thought this site was for people to help each other out not to make them sound lazy and or stupid. Of course I know how to do this "old school". I was wondering if there was a "new school" method that maybe I didn't' know about. I am perfectly willing to spend money, but I have limits. I actually have managed to make every meager tool in my shop pay for itself. And my main spindle does turn down to well below 1000 RPMs.
As for being able to do this in under two minutes per axis, good luck. Like I said, you have to drive the guide dowel in the router collet up to the work with a tethered remote making sure you go slowly enough that you don't break something while holding a feeler gauge in your other hand. Round stock, round dowel, flat feeler gauge; pain in the butt.
Plus the stock is semi flexible so you have to consider how hard you are resting against it. It will deflect 0.015 easily without changing the feedback you get from the feeler, so you have to catch the initial contact. Hey wait! 0.015 is about the same as that 64th you claim you can eyeball.
Also, the last time I checked 1/64 was about 10 times more error than I ever would want on my work and frankly this stuff is very hard to eyeball because of the shape and the color. I do have a center hole for reference though.
Here is my setup for this operation, you can see that's not your typical "Artsy Type Parts".
And here is some finished work. A 1/64 error makes a big difference in a musical instrument mouthpiece.