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E.G. Lutz’s book Practical Drawing includes the diagram above.
Concept artist and illustrator Craig Elliott discovered an antique centrolinead dating from around 1890 (below). Note how the Y-legs branch from a point along the top line of the ruler. He reports:
“I did a little building facade and some windows to test out the Centrolineaid. It is such a breeze, even better than using a long ruler! I set the map pins at 3 inches from the HL and the blades at 30 degrees.I did the verticals with a t-square and the 30-60 triangle shown. I think two or three of these would make darn quick work of a two- or three-point perspective drawing on a quite small drawing board. This board is about 24 x 32. Another benefit of this tool seems to be that it doesn't pop off the pin all the time like a regular ruler would- it is very steady on the 2 pins.
For the pins or nails, I used a paper clip with one end bent up, or even an upside down flat headed thumbtack taped to the board or paper. This is good for balancing a ruler on for perspective points on the board or for this operation.
You could also use a sheet of metal to draw on, even with a Borco cover, and Neodymium magnets about 1/2 cube size for the pins. They are so strong they won't shift.”
ADDENDUM
Check the comments for a lot more links and tips. Below is a scanned version of Craig's antique model, with measurements.
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Craig Elliott’s blog post about his centrolinead