I use sandbags for all my bench testing. Granted, most of it is with my 1911's, but there has been a fair amount with revolvers. You can get the Caldwell rest if you want. But you could put the money to use on powder, bullets or targets. As far as placement of the bags, or rest, support the frame and grip, or hands. Just like rifle benchrest, never support the barrel to get the true accuracy performance of the gun and load you are shooting. As for targets, I use the NRA 50yd slow fire pistol target B-6. This gives you an 8 in bullseye to aim at.
Hope this helps.