Yes I have the old version and after reading the advice given here today I went back and tried a few things, sure enough there is some improvement but still a lot to be desired. I understand drill point geometry and have been sharpening bits for years freehand by using a good grinder and a point gauge, as I said earlier I still prefer this method for bits over 1/4" but much smaller than that can be hit or miss. In any case I have the darn thing and it would be a neat tool for any bit if I can get it to work properly.
Truth of the matter is I am finding myself needing a magnifier these days to see what I am doing when sharpening any bit
, so it would be nice if it can be made to work.