Kevin, there's a lot to be said for that method.
Years ago, when you were tracking the rotor blades on a helicopter, you'd rub a black crayon on the tip of one blade, and a red crayon on the tip of the other ...... then run the airplane up and pull in a little pitch to makes the blades flex upward. A crewman would then take a white cotton flag on a pole and VERY CAREFULLY lean it into the ends of the blades until he got a tap..tap. On the flag you'd have a red and a black mark ..... if they were together, you were good to go. If they were more than an inch apart, you'd adjust the link on the lower blade a little and do it over til they matched.
The method you describe is a great double-check after you've used a prop protractor to get the initial setting, in case one of the blades has a little more twist in it than the other.
Ken