<G> I use a much more basic approach.
I move to a place not in the finished part. Then I run the tool down to within about a thou' (seen by an LED light placed behind the tool and aimed to show the gap), and work it down by tenths until hand-rotation JUST produces a visible mark (just a mark, not a 'chip'). It's always less than a tenth, pretty much regardless of the stock material.
If the work is brutally hard or I cannot access an unused portion, then I use a gauge block. Skimming a bit across a hard surface isn't good for the cutter. Marks aren't good for the customer.
For crude work (like that router I'm working on, which has a basic resolution of 0.005"), I just use the light, and go for a 'blackout' at the tool tips.
Lloyd