I have used this method a few times – Still basic Trig and it works really well and becomes second nature after a few times.
The presenter ( Joe Pieczynski) , contrary to his normal style, did waffle a little at the start, but hang in there – the method is neat.
**LINK**
If you have DRO's, it's even easier when setting the cross slide to measure the triangle 'drop'
The method does require that the tailstock quill is parallel to the ways in all ways..If not, and if you have a test bar with center pips at the end, fit the bar between centers and DTI over its length till parallel and use that as the reference.
He mentions right at the end to ensure that backlash is taken care of when measuring – important.
Joe