I'm not a mechanic ... but I have an 8-inch Sterrett. A carpenters level will not do the job! Besides, it'll impress your friends when they complain that your tables are not level and you say, "Excuse me while I whup this out!"
A new 8-inch Sterrett can be had for ~$85 off of eBay. If you have a GCIII I would think you could afford one but times are hard.
I've developed my own progression for using it that works for me (depends on the type of table). So as far as placement for a GCIII goes I'll let a mechanic cover that question.
I had heard that a carpenter's level wouldn't do the job properly.
Sounds like a Sterrett level would be a good investment.
Thanks for the info.