This comes up from time to time and I just got a PM asking about it so I'm putting up some pictures and explaining how I've been doing it.The jig has been described before in various configurations so I won't go into how to construct,too much.
Mine was made using rollers that came with a cutoff saw.You can make an all wood one using blocks with a "V" cut,rather than rollers.My rollers are 8" apart.From the front roller to the reference mark,you only need enough distance so that the roller clears the back of the broadhead and any external footing.Mine is set back to accommodate a Grizzly broadhead and a footing.
The jig doesn't have to be fancy to work.I should say,I used to always spin mine on the tip,and then try to remove the "wobble".It always was a challenge for me and I knew,results weren't always perfect.Many years later I built the jig and after using it awhile,I went back and check some of my old arrows.They were worse than I thought.
I first start by establishing an accurate reference mark.I take one of the exact arrows that I will be aligning broadheads on.I screw in a new field point that I believe has a true,centered and sharp point.You can double check this by rolling the arrow on the rollers and watching the point.I press the point into the piece of masking tape I put on the front of the jig for that purpose.
I then use a fine point marker or ball point pen on the mark to make it easy to see.
I next mount my broadhead on the adapter.If you like a certain orientation like a horizontal or vertical blade,line that up before gluing and make a mark on your shaft or footing.That will give you a quick reference point so you don't have to fumble with that when you need to be concentrating on the tip alignment before your glue locks up.
After gluing on the broadhead,I seat it firmly by pressing the point down on the jig's oak base.Then I put the arrow on the rollers with the blade vertical and check tip alignment with the reference dot.You can see it is slightly off.
I just tweak to bring it to the dot.
Now I turn the shaft 90 degrees so the blade is horizontal and check again.You can see it is slightly off.
Again,just tweak it back to the dot.At this point,it is a good idea to go back and check vertical,in case you disturbed it.I just go back and forth a couple times to check vertical and horizontal alignment.
Once the tip is aligned to the dot,then turned 90 degrees and aligned again,it should spin perfectly.The system is pin point accurate-or at least,pen point accurate.
For me at least,it is more accurate than the way I used to spin them and for sure,it is quicker.There is no guess work.Once aligned,you just need to set the arrows aside,where the broadhead can't touch anything till the glue sets up or cools.I make a practice not to shoot any of these for 24 hours,just to make sure the glue is well cured.
Anytime I hit game or dirt,that arrow goes back on the jig to check alignment,before resharpening.
I prefer a tanto point to a chisel point because with a well centered tanto,I can align the head as well as check alignment after shooting.Also,remember that when you go to align heads on a shaft of different diameter,the reference dot needs changed.It will be higher or lower,depending.That is why the masking tape is used.