Butch,
At each land or groove you would have to mark what the rise in the indicator is, in order to measure the height of the land. Then on the opposite side you would not have that land so the math would have to be done and assumtions made (I hate having to do that). Seems like a lot of hocus pocus, but i suppose it can be done (Or is being done).
Another thought... As far as test indicators go... Could it be that if one is strong enough to deflect the indicator rod, you either have too tight a spring on the test indicator (not likely), or you don't have a good fit in the barrel, or your Magnetic Indicator Base is cheezy weak (Maybe it even has rice heritage)?