Well here goes Chris. Please pull me up if I`ve got anything wrong as I like to have the deck set up proper so to speak.  
I think the essentials are a small spirit level, the little round ones are v/inexpensive, and a template which locates over the spindle to give two reference points for the stylus tip and can be downloaded for free. My Roksan Radius came with one so it`s kept handy as it also has parallel lines on it for when you raise the arm for 180 gm discs. Line the top of the arm with the lines to get the arm level. Make the adjustments  with the arm in it`s rest position then drop it on to the record an sight over the arm to the lines of the template, which is standing up on the record (leaning against a prop).
You shoud know the effective legnth of you arm. Very important. This is where the tip of the stylus should be. This is usually right under the end of the arm but may vary. Get the cart on and get it parallel to the sides of the headshell (the template will get this right later on). I tied a pice of string to a nail and placed the nail at the fulcrum center and made a mark with a felt tip pen on the string at the effective legnth of the arm (stylus tip). Then held the nail on the spindle center to get the same legnth to the stylus tip. This gave me the arm position. (and they can move about when your getting the arm to an optimum height).
With the template in position (hole over the spinle) swing the arm over and drop the needle on to the first reference point. There are grid lines there as well, so you can make sure the cart is parallel. Keeping the template where it is you move the arm to the second reference point and the stylus should drop right on to the mark. You may have to make macro adjustments and slide the cart back or forwards a tad. I think, as with mine that if you get the effective legnths spot on beforehand you could get away without the template but it helps with the grid getting the cart dead paralllel to it`s sitting in the arms angled headshell. Set the weight for the cartridge with you balance or digital (more accurate) guage.
Now for the small spirit level (unipivot arms). You will have the deck level before all this. Place the level on the headshell and lower the stylus onto the record. Repeat this until the bubble is dead center. Small twists in the counterweight will get it near as dammit and you can always raise or lower the deck one side a touch for the final smidgeon. Check the weight again and keep repeating utill it`s all spot on.
Again, having some parallel line to sight the arm level is  a boon, although some decks have other methods.
All adjustments should be made with the arm in it`s rest position.

Marky - thanks for the info and insight. My table /arm/ cart is set up pretty well now (with some of your same tips) but I did order the Fozgometer and the test disc. I will be interesting to see how the channel balance and azimuth are set now without the meter vs. when I get them. I will post my thoughts about the meter when it shows up and I tweak it. Thanks, Chris.