Chaz, I have made something based on the "touch plate" concept used for mill Z homing.
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(I hope that works!)
Repeatability seems to be better than 10 microns, and in conjunction with my tool setter on my first trial of homing/applying set tool offset/turning I achieved indicated microm accuracy on diameter. This cost nothing to make, it's essentially a bit of PCB laminated on to 6mm of tufnol superglued to the apron front. Obviously there are issues of wear and tarnishing so I intend to upgrade it with one where the contact surface is beryllium copper.