As long as you're shooting directly over it and in the same position every time that is fine. That's how I use mine on springers too. The issue is if your POA changes and the barrel isn't lined up over it the same from shot to shot, you're readings will start to vary some.
No longer do you need rubber bands or long poles holding your chronograph. With the Midwest Elite Picatinny adapter you can slide your chronograph right on to your picatinny rail.