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I have something similar somewhere. Which might tell you how useful I found them :)
Foredom do an extremely fancy version called the Allset. Never used it, although I did once consider buying one. They're great in theory, but unless you're working with calibrated stones all of identical cuts you'll probably spend more time mucking about with the tool than getting the stone in. And even then I'd worry about how much extra space is needed around the stone to give clearance for the tool.
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I had the allset collected a good supply of dust with it then put it on ebay. If it was me I would get myself a box of burrs and a piece of brass. 100 CZ's set them all in the brass. You will soon get a feel for it. I find it more controllable if you turn the handpeice as slow as you can almost like your twisting it by hand type of speed. If you run things to fast you will quicly wear the burs out . Measure the stone then measure how far up the burr that measurement is and aim for that slowly and keep checking.
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What a nice forum, lots of different tutorials here. Thanks for it!