If you can use gravity as a "reference" I think it would work. I was trying to avoid referencing a potentially unlevel surface of the boat
I believe the reference point is the boat sitting at rest in the water.
On a still day with no movement about the boat you should be able to zero a level at the mast. If for only long enough to identify the mast is perpendicular to that level point. (Or nearly so) perfection is not needed here.
With that bit of knowledge next using the protractor and kitty laser identify the angle of the mast.
In the simplest approach I grabbed the main halyard and once checking for pretty much (M1 eyeball of the mast at rest) vertical used a ruler to measure the distance from the mast base that the halyard hung.
Then I went sailing. Recorded my performance. Stopped, adjusted the mast angle a few inches. Repeat the sailing. This only took a couple of iterations for competition level sailing to get dialed in. Was helpful when trailering the dinghy from place to place.
Never felt it was waisted activity but not sure it played much in the actual outcome. Back then no one raced with matched boats. More results came from tactics, sails, and understanding of the weather patterns in the event area. Having a light weight boat made a lot of difference.