Oh you'se "big spender" guys wit' yer fancy-pants doodads...just use the cellophane snipped off a pack of Lucky Strikes clamped between the points...when it just starts to slip out under light finger pressure, you're there...
When it comes to tools I've been known to open my wallet pretty wide, but in that case my employer took a few bucks out of my paycheck each week to cover the cost, Which as I recall was about $35.00 for the dial indicator and the points checker.
I've used all of the methods everyone here describes and they all work to a degree. But I worked on a lot bikes with flywheel magnetos, or AC magnetos if you prefer, and reaching through a tiny port in the flywheel to try a fiddle with piece of cellophane would have been a huge waste of time.
FWIW I still have and use those tools so I'm thinking they've paid for themselves many times over. Who'd have thought back then that Japanese tools would have lasted over 50 years?
Here's one for you though: Back in the day I worked with one guy that would line up the timing mark on the flywheel and case. He'd then loosen the points screw, which let the points close and then tighten it back down, which typically opened the points a hair. 9 times out of 10 the timing would be right on the money,
Since we worked on flat rate, anything that sped up the job was a bonus, since we did "come backs" for free, and got fired for having to many of them, your hacks had to be good ones.