I own 2 Arctic Cats myself. My Bearcat is a real work horse. Use it to pull a sled around to collect sap from my maple trees in the spring (this year I didn't get anything, due to global warming I guess). But I wouldn't trade my Bearcat for one of those fancy drag racing models.
But back to Polaris, a couple comments.
I wouldn't call it the most accurate method, unless you had an accurate spotting scope attached, and got some good tables for when Polaris was at what angle.
Polaris isn't exactly at the north pole, it's off by about 3/4ths of a degree. I used to have a telescope on a motorized polar mount (I now have a Dobsonian instead), and I had a little chart I was supposed to use to estimate where to aim to account for the fact that Polaris wasn't really north. I never used the chart, because I didn't do anything that requirred that much accuracy, I just wanted things to stay in view when the motor turned.
So anyway, if you use Polaris exactly, you won't be aligned perfectly with the earth's axis, but you'll be off by 3/4ths of a degree.... but this could be a good thing, because you don't WANT to be aligned perfectly. You actually want to be off by about 0.6 degrees. So you could be very close to perfect using Polaris, if you used it at the right time, ie when Polaris was at the hour angle corresponding to your longitude, but if you do it at the wrong time, you could be off by up to 1.3 degrees. It's been so many years since I've even looked through a telescope, I've long forgotten how to do that, but you can probably find tables at the naval observatory site that would tell you what time to do it, that is if it was worth the effort. I still think using a digital level of some kind on the rotation axis is the most accurate way of getting the right elevation, provided that your mount has a good place for the level to sit on. Although Polaris could get you pretty close to the proper Azimuth.
Anyway, it's great to take your Arctic Cats out into the middle of an ice covered lake late at night, stop and look up at Polaris. I don't think I'll do that any more though. Not since I went though the ice a couple years ago. Went through the ice twice actually. Once on purpose rescuing my dog, who went through, and couldn't get out, and a 2nd time when my snowmobile went through. I was lucky both times in that I was close to shore, but it's no fun either way, particularly having to walk a mile home both times soaked to the chin. Anyway, I'm a bit nervous about driving on lakes anymore when nobody is around to help.
Boy, I did it again.... way off topic again. Sorry. I just don't know when to shut up.