Actually, that's not even close to what that Stein plate does for you. That plate allows you to clamp the wheel (now attached firmly to the plate) into a bench vise and have the whole business very solid. This allows you to wiggle the wheel against a very solid base and feel for play in the bearings. There is no way you're going to get as perfect an adjustment by just putting spacers in. With that method you don't know if the adjustment is really any good until you get the wheel back in the bike. With the Stein vise you know it's good before you reinstall the wheel. You have to grab the wheel out on the rim or tire and wiggle it to make sure your adjustment is any good, or not. If you think you can tell by just spinning the axle with your fingers, then you are just fooling yourself. That's only part of the test.

That simple hub axle vise has saved me many, many hours of time in adjusting bearings and that alone makes it worth every penny. I'd spend that $10 again tomorrow.