eaglesnester –
The method you mention is actually pretty similar to what I use on a fairly regular basis – shoot fouler shots, shoot a 3-shot group from a cool barrel, then twirl the dials accordingly. If everything else is good, the rifle should now shoot where you want it. I have several rifles with loads that shoot to different points of aim, like the .257 Roberts where I have varmint and deer loads, the .30-30 where I have 130g plinkers and 170g deer/elk loads. Switching zero prior to and after hunting season is really very easy with this procedure.
Best case, starting with a fouled bore, I've fired one shot, adjusted the dials, then fired additional shots to verify the rifle was sighted as desired.