chetmarks
I should sight in at 50, 100 and 150 and simply mark the setting or count clicks from 50 yards on for each range. that might be a better option.
Clicks are not necessary - it has a quick release that you push and move the site to which ever elevation you need to make the shot. So you do just what you said. Shoot what ever point is going to be your '0' point then set the scale to reflect that point then shoot your next yardage by using the 'quick release' to move the apeture up... note that point and continue on... It even has an adjustable positive '0' stop.
It is really a cool peep....
If you look just to the right of the elevation knob you will see the screw that sets the 'positive stop' anyway that is what I call it. This stop is set @ 25 yards for shooting PRB's at rondies...
Then if you look down the body just above the word Lyman you will see a small round circle - on the front side of the sight there is a push button that releases the elevation control and you move it to where you want for the range you are shooting...
Just as a side note... I shoot Dan's .503/460 grain Bull Shops with 90 grains of T7-3f and with a shot card under the bullet. It is dang accurate...
Here is a really old target - you can see how the 90 grain load tightened the group up... + in those days this was what I considered my Idaho White as we had to use a sidelock + lead conical + open sights + caps + loose powder...
And I know - you do not need 90 grains...