Don,
I've used an alignment jig that 3 Rivers sells (forgot the make) that basically is 2 pairs of rollers with a magnetic You lay the arrow across the rollers, put the point in a divot in the disc and spin. I think the concept is that the drag of the magnetic disc on the tip will align the arrow automatically as you spin it. It seems to work okay, but before that I had a homemade one that was four field points screwed side by side with pairs about 12-14" apart into a piece of board to create bearings to lay the arrow across with a reference point held against the tip to watch as you spin it. Probably worked just as well, although you'd have to make manual adjustments and re-check. Probably find a "how-to" tutorial on Youtube.