Good Question.
When using the spreadsheet to create the g-code file, you should save the file using a name that represents the bit size you are working with. You can then reload this file and use it time and again.
When using multiple bits of various sizes and types, you will need to have separate tool path files created for each bit change. This doesn’t work when your tool path pauses to allow a tool change.
When I carve complex projects I create multiple tool paths that run independently of each other. That is what makes my touch plate and G-Code generator so nice. You can re-zero your machine after a bit change and not rely on eyeballing your 0,0,0 position. It will be perfect every time. You could even remove your work piece from the machine, take it out into the sunlight and admire what you have done so far, then put it back on the machine in a different location, re-zero, and pickup where you left off. Just make sure that the work piece is square to the table all the time.
Example: You are doing a carving and plan to use a 1/4" endmill, a 1/8" endmill, and a 1/8" V-bit. For zeroing purposes you will need to generate only 2 zeroing g-code files. One for the 1/4" bit and since both 1/8" bits have a 1/8" shank, you only need to create one g-code file to zero either of the 1/8" bits.
For the 1/4" bit tool path, insert your 1/4" bit, load the g-code to zero your 1/4" bit and run it. Then load your tool path for that bit and do the carving.
Next, insert your 1/8" endmill and zero your machine using the g-code file you created for the 1/8" bits. Then load your file for carving with the 1/8" endmill and carve away.
Finally, switch to the 1/8" V-Bit. Load the same zeroing file you used for the 1/8" endmill and zero you machine again. Just remember that the G-Code file uses the overall bit diameter as a reference point when zeroing v-bits so you need to make sure that the shank of the bit is the part that makes contact with the zeroing plate for the x and y axis. That is why I make my zeroing plates 1 inch thick. Then finish you carving with the v-bit tool path.
It may not be necessary to perform a complete zeroing process after each bit change. When your machine is zeroed initially, it theoretically won’t change in the x and y directions, only the z when changing bits. So you could get away with only zeroing the z axis after a tool change regardless of the bit diameter.
However, I prefer to re-zero the entire machine after a bit change. This corrects for any discrepancy that may occur when actually using the force necessary to loosen and retighten the collets during bit changes as well as any discrepancies that may have been introduced during carving.
Some bits come with stop collars on them. For me, a $9.00 set of 10 bits with collars just doesn’t add up to precision. While the bits may be good for carving, I wonder just how exact the collars are compared to the process of zeroing the bit. All it would take is some saw dust stuck to the tip of the chuck to keep the bit collar from seating perfectly. Then your z is not correct. Re-zeroing eliminates this potential problem.
I hope I have answered you question thoroughly.
Charley