No. I will not.
I have described a method which will work on most Garmin watches with a barometer, and which you could try instead of your Saved Location method:
Get a GPS fix, calibrate your altimeter manually. Then the watch will remember that location/altitude combination and use that altitude every time you start a GPS-based activity from that location.
I started a run from my saved location and sure enough it was showing my altitude at 470' in my data field without any calibration, but it was showing 470' in the data field for the activity only. For everything else the watch was still showing 499'. Maybe I misunderstood, but I thought you were saying the watch will use this altitude to calibrate the altimeter?
Nope! I think my watch may be faulty. Tried again today. Alt at 431' before activity. Started activity and data field elevation shows 470'. Saved activity and it shows it was performed at 470'. All widgets I have on my watch that display elevation are still showing 431. My watch is still under warranty, so I think I may exchange it.
On a 8-12 hours activity the altimeter is way off even the weather is the same all day long.
I get tired of reading this. Sorry. People need to learn that air pressure can change, also when the weather doesn't change.