Chip,
That is exactly how I work my Knight...........I haven't touched the elevation knob in 2 years.
Typically I charge a round to hit 2 to 3" high @ 50yds, and then adjust it to shoot about an inch high @100yds. I've found that it takes about 5gr more powder to get the elevation I want @ 100yds when sighting this way. Of course that's using 300 to 350gr bullets........lighter bullets should require less powder to accomplish the same result.
But since Murphy's Law always seems to hit at the worst time, it's good practice to experiment some with this. Load for 50yds & shoot at 100yds to see where the bullet hits and then see what scope adjustment is necessary to compensate for the difference..........but always count & log the clicks to make sure you can always find your normal zero. I had this type of situation in the field last year on a hog hunt......I had loaded for 50yds, only to find that my stand had me about 10yds from the target - no problem, I knew exactly how many clicks to adjust to keep my zero.........the bullet hit exactly where I pointed the scope - SWEET <img src=icon_smile_big.gif border=0 align=middle>
"Every moving thing that liveth, I give unto you as meat" (Gen 9:3)
Trust God..........but keep your powder dry!