I've been using the Wildhorse probe for 2 years with good results for X, Y, Z and center finding. All of my fixtures have a bored and reamed .0375" hole centered at 0,0 so I can quickly dial in the fixture (thanks to Ray for the fixture design).
I am contemplating building a touch probe similar to what's described above but insulating the drill rod (I'll use .125" precision ground) from the collet with a nonconductive material. That way I can touch off directly on the stock surface. If I need to touch off on plastic, I'll use the Wildhorse or a piece of PCB.
The primary reason for going this route is alignment. The Wildhorse does have adjustment screws to align the probe. Once aligned, you have to be careful to position it and the spindle in the same orientation every time. Not a big issue but a little annoyance. And as Ray mentioned, a crash can make a mess with the mechanical switch probes - don't ask me how I know!
cheers,
Michael
Reelsmith, Angling Historian, and Author of "The Reelsmith's Primer"
www.EclecticAngler.com | www.ReelLinesPress.com