I'm also considering the millivolt method. I recently R&R'd the IP on my '95 E300, and I simply used the locking tool to hold the IP in position while it was out of the car, and then adjusted the engine to the right timing position read from the crankshaft balancer, and then installed the IP. Engine runs fine and returns about 32 mpg on the highway, 26 around town, but I wonder if I could do better.

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Respectfully,
/s/
M. Dillon
'87 124.193 (300TD) "White Whale", ~392k miles, 3.5l IP fitted
'95 124.131 (E300) "Sapphire", 380k miles
'73 Balboa 20 "Sanctification"
Charleston SC