Sorry about the picture being sideways but it shows a dressmakers pin more-or-less centred on the bottom of a milling cutter with a blob of modelling clay. If it's not more-or-less vertical and roughly centred before you start, it will fly off when you wind the speed up. Goggles.

With the cutter spinning fast (>1000rpm) , the brass rod is used to gently nudge the pin into the centre position. Get it right – and it's not difficult – and the pin's point snaps into alignment with the spindle axis. Works like balancing on a bicycle. However, if you stop the mill, the point stays aligned and you can use it, perhaps with a magnifying glass, to align the cutter axis/centre on a centre pop, line, or edge. With care you can get very close. When ready to take the cut, just pull the pin and plasticine off.
Since I took the photo, someone on the forum told me the edge of a steel rule is better than a rod. It's true.
Dave
Edit. Jason hit save before I did. Now I see he recommends 40rpm rather than my 1000rpm. For what it's worth I find the pin snaps better at high rpm but hey…
Edited By SillyOldDuffer on 30/10/2017 18:42:18