And it would not guarantee a perfectly straight cut after alignment; wear on the base of the tailstock effects taper by altering relative center height of the tool, causing taper. I have always used the cut and try method.
Well, you can run the plunger indicator along the top and the side of the bar; that should show you the deviation you're likely to encounter when using that setup (i.e. the deviation between-centers or the deviation from center-to-spindle-taper) including wear at the tailstock base. I agree that cut-and-measure is going to be the most accurate, but I rarely need that much of a guarantee. Maybe if I start making engine parts.