Bill: There have been a number of compressible medium that have been used with varying success. The weak side question is if the blade will always been clamped vertically – uniform compression on both sides.
Your solution looks pretty good to me, but I think you’d have to check the side of the blade with your AngleCube to confirm verticalty. To explain my caveat, consider the fact that you could twist the blade out of vertical and still clamp it securely in that position. Just because it’s clamped securely doesn’t mean it’s centered properly.
The new self-centering vise we are all looking forward to does exactly that – nails it at dead vertical.
I use the method that places the left side of the blade at zero degrees (flat against the left jaw) and kicks out the bottom of the right jaw to clamp the right face of the blade. I then subtract the cant angle from the left rod and add it to the right rod angle.