Its probably been debated elsewhere but why is 1000" the common 'stabalised by' point, and why the need to be lined up? If everything else is on the money (config, speed,thrust, ROD, pitch etc) a little visual manouvering (limited bank angle perhaps) should be perfectly safe, or am I missing something here?
No, not missing something, and you are right about being perfectly safe, but...
The 1000 feet was/is used to accomodate less than desirable skills levels...and by this I refer to junior First Officers as well as some Captains that are having a bad hair day
OTOH, small airline companies are not necessarily so constrained, and even with a large transport jet such as the L1011 that I fly, close in maneuvering if done properly is perfectly safe...and very rewarding from a handling perspective, especially for folks who enjoy hand flying the aeroplane, yours truly included.
And yes, we still do circling approaches, right down to the lowest minima possible, for a category D aircraft.
Handling skills....use 'em or lose 'em.