The go/no-go tool is good for a quick check indeed. I have a Coleman Racing bellhousing alignment tool, which is an equivalent of the Browell's, I got off Ebay for $50. When I put it on my bellhousing, I could not get the ring through the bellhousing opening so I knew something was out of alignment. I then bought a dial indicator gauge w/magnetic base and took measurements and found the factory bell-housing was .011" out of alignment. Factory specs are .005" max. I was able to move the housing towards 2 o'clock using offset dowels to lower down to a .002" offset.
While it's nice to have a go/no-go tool, using the magnetic electronic dial indicator method is pretty easy to do once you try it. You can also check deck squareness too with the dial indicator, which is something you cannot do with the Browell's type of go/no-go gauge.
Attached is a photo of the feeler gauge in the lower left corner of the block. Probably from age and block core shift, the bellhousing deck squareness was off by .004". A shim was used at the 7 o'clock position to square the bellhousing deck until a 0.0" squareness offset was reached. After all was aligned, the Coleman tool ring slid through the opening perfect, and the transmission slid in so easy. Before I found this alignment was out so much, I used to go through pilot bearings often, including the roller type. I'm back to using the factory proven bronze bushing.
Mike