Addison, that is the way I measure hammer tension setting. I call it the "short" way, and I do it because I think there is less variability in a shorter measurement. For my .22, 700 mm liner, that measurement is almost exactly the same, 0.210". My reg is exactly the same. My valve, however, is at 0.333" and my wheel is on 5. With 23 gr H&N slugs this give me an average of about 900 fps and very good accuracy.
That said, I think there is no one "correct" tune. For your rifle and projectile, at each velocity, there is a good tune as far as accuracy goes. Some will be more efficient than others. Some optimums will be easier to find. There is probably one velocity at which you can get the very best accuracy and efficiency, but it may or may not be the best for other reasons, e.g. power, range, noise level, etc.