A method of manufacturing a drill bit or other oil-field tool includes aligning a cutting element support structure or a support structure for an alternative tool element to an image of a computer-generated model of a drill bit assembly or a computer-generated model of an alternative tool assembly. The method further includes placing a tool element on the support structure and comparing the placement of the tool element on the support structure to the placement of a model of the tool element on the image of the model of the tool assembly using real-time continuous deviation feedback. The method also includes adjusting the placement of the tool element on the element support structure to match the placement of the model of the tool element on the image of the model of the tool assembly and joining the tool element to the support structure.