Alex, that's similar to Jason Barney's method sans the chronograph. I've been using pretty much the same method, with a LabRadar and it has worked out very well at 400 yds. If it holds up at that range, it tends to also shoot well at extended ranges. Mirage can distort results, so I have to catch the right conditions, to get good data. I prefer cool, cloudy days with little wind, but they are hard to find.
I have tried the magic markers and found them hard to decipher at times, so now I use the target camera. Makes it easy to mark up in my log. Overall, this method gives great results with a limited number of shots. Thank you for sharing your knowledge.