At the risk of coming in too late, my Mill/Drill is a round column RF25. Because of the loss of alignment after raising or lowering the head, I made up a bracket , and fixed it to the head of the machine. The bracket carries a piece of steel machined (Slotted) to be a snug fit on the base of a cheap Laser Pointer (bought from a UK DIY store).
The Laser projects a line onto the far end of the shop I(about 10 feet/3 metres away) on which I have drawn a pencil line. After adjusting the height, and resetting to the pencil line, I can usually drop a reamer back into the hole that it has just made, so errors over this distance appear to be pretty small.
Have yet to need a new battery after a few years, (It is only switched on for a minute or two at a time).
DON'T look at the Laser!.
The disadvantage? I keep hitting my head on the ****** bracket that sticks out!
Howard