We use Bosch's high pressure method for setting up a new install. It is also a $3000 tool. It uses the same concept and thus same specs as drip timing. Its benefit is that the pressure overcomes the pump element check valve which needs to be removed on early cars and can't be removed on later cars.
We also use exactly what you are looking for if its still sold. Our piezo transducer came from Snap-On (was less than $100 I think - been years) and works with any timing light. The problem with this method is specifications. The timing light usually runs something like ten degrees BTDC. Bosch doesn't sell their timing light arrangement in the US because of the lack of specs.