That steel rule trick works, but it isn't quite as precise as a lathe center height setting tool, which is easy to make and store nearby. Once I made my little tool, I never had a problem with setting center height again.
I abandoned the ruler after dulling a high speed tool and chipping a few carbide inserts.
Here's my tool: http://www.frets.com/HomeShopTech/Tooling/ToolHeightSet/toolheightset.html
I made a less nicely machined tool that performs the same function, based on one in Workshop Practice Series 43, "The Mini-Lathe". I use it every time I change a tool; very fast, and I'm surprised at how accurate it is.