Vince,
The method you used is valid, but the dial indicator point should be placed on the non-worn portion of the lathe bed between the ways. What this will tell you is how much drop you have in the carriage or saddle while moving up or down the bed. This measurement will not tell you the exact wear or the amount of wear you have, but is a indication there is wear. By triging out the angles of the vees, you can come up with a calculated number that would give a ball park number of how much wear you really have. The sides of a vee normally wear by the same amount, as I have found, on many lathe beds I have dealt with in the past. What I have notice is that the front vee will wear slightly more than the rear vee does. The immediate reason for this is cutting tool pressures localized to the front/left side of the saddle.
The test bar will tell you how much taper there would be in cutting a diameter, when cutting between centers or cutting without a center in the end of a part, neglecting "push off". If the bed is in good shape, little or no wear, it would tell you if there is an alignment problem somewhere.
Both are good practices for indication of something is not right. Is one better than the other? No. they both have a purpose. The test bar will tell you if you have an alignment problem, the indicator on the bed will tell you you have wear. The test bar may not tell you if there is any wear.
The only real way to determine how much wear there is on each way surface is to put it up on the machine tool that is going to re-cut the surface straight and flat again. And by using a indicator, indicate the bed in so it is running straight to all planes, then indicate all the areas that have wear for high and low points in 0.001". This will be as close as you are going to get for determining wear on a bed.
EDIT...You could use a straight edge laid against each way surface and use feeler gages to determine the amount of wear. But man handling a 50 lb straight edge is not fun!