That's a different one, Justin! I'd heard of another method that involved revolutions of the adjuster. The idea is that for one whole turn of the adjuster the gap increases a certain amount (which I've forgotten). Having adjusted some valves earlier today, I know it doesn't take many degrees to increase the gap a thousandth or two, so maybe one revolution is .020 or .030". So, run the adjuster down till it stops, then back it out a specified number of degrees and you have it.
But I never felt comfortable with that method. The dial indicater does sound like an easy way to go.