A key phasor does not work to remove bow of a shaft.

A Keyphasor is simply a eddy current transducer that reads a notch on the shaft in order to give a once per rev voltage pulse. Used in conjunction with eddy current transducers at the bearings, one can measure the phase angle of the bearing signals relative to the keyphasor. As the shaft makes its closesest approach to the bearing sensors, this part of the shaft corrolates with the direction of the bow in the shaft. This can then be physically marked by the phase angle relative to the keyphasor, since the notch is a known location. This is also how balancing is done. A keyphasor is not necessary to identify a bowed rotor, but it is helpful in determining the direction of the bow. I refer you to the Bently Nevada Orbit Magazine web site which has lots of articles on this sort of thing...

Key Phasor A transducer that produces a voltage pulse for each turn of the shaft, called the Key Phasor signal. It produces a voltage pulse once each revolution. Phase or phase angle, is a measure of the relationship of how one vibration signal relates to another vibration signal and is commonly used to calculate the placement of a balance weight. This signal is used primarily to measure Shaft rotative speed and serves as a reference for measuring vibration Phase lag angle. The keyphasor transducer is typically a proximity probe. The Keyphasor is a very useful tool when diagnosing machinery problems. The standard scale factor is 200mV/mil or 7.87mV/um 1 mil = 25.4 microns