David there are many different version of the same approach floating around do a search on tool setting , tool touch off. The one i showed you auto sets the tool table data. There are ones that reset the Z to zero at each tool change , etc.
Just depends on what you want to do. (;-) TP
Also you can buy a combo touch probe/ tool touch probe from IM services. It converts from one to the other when needed. Model TP100