No need to invent anything, alas. The drip method is fast, easy, effective, and accurate.

What you are measuring is the point at which the piston covers the intake slot and starts raising the injection pressure. The only better way is to use the Hall effect pickup on later pumps.

Check the stretch on the timing chain before changing the injection timing, though -- if the valves were too tight, chances are maintenance was sloppy, and the chain is worn. This will make both valve timing and injection timing late, both cured by a new chain. Procedure is covered extensively in other posts, and isn't too hard. If you change the timing, then find out you need a new chain, you will have to repeat it, and that paper gasket under the IP will eventually tear and start to leak.....

Peter

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1972 220D ?? miles
1988 300E 200,012
1987 300D Turbo killed 9/25/07, 275,000 miles
1985 Volvo 740 GLE Turobodiesel 218,000
1972 280 SE 4.5 165, 000 - It runs!