I'm kind of new & I don't remember where I heard/read this that after a cake is done you take out of the overn & press down of the cake so I would not level it? 
While the cake is straight out of the oven and warm, lay paper towel over the dome of the cake and gently press it down, making sure to do so evenly around the whole dome. You will fell hot air escape around your hands so be careful. I use two thickness of paper towels. Don't press too hard so that it sinks lower than the sides. It is a great time saver.
I have done that before, it doesn't get it perfectly level but it does help instead of leveling with a leveler. Easier just to use flower nails to get a level top, turn them upside down in your pan and por the batter around them, it acts as a heating core to make the top level. Otherwise, when it comes out of the oven cover it with a towel or some parchment and lay a heavy book on it to level it. It makes the cake denser too.
i tried this the other night. worked fine on the first one but on the second one the paper stuck and took part of the cake with it. i must have pressed too hard
What a great Idea! Im going to have to try this! 
What I do is I put a terry kitchen towel over the cake and take a cake board and press down. It works well for me.
I don't do this, I cut the tops of my cakes off to level. I don't care for that chewy texture of the outer crust or the brown line under the icing when you cut the cake for serving. Also I brush my cut surfaces with flavored simple syrup for added moistness and flavor.
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