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In theory your method would work, but only if you can get the chunk of angle iron parallel to the center line of the chassis and then elevated enough to be on the centerline of the wheel.
For dead nuts accuracy, use the string & jack stand method.
For quick & dirty, ballpark accuracy, lift each wheel, rotate, & mark a line in the outer tread circumference. Lower the car & roll it back & forth to re-squat the suspension stopping on the forward roll. Then drop a plumb-bob on a string from the front & rear mark on tire circumference down to the floor. Mark a pip on the floor, front & rear for each tire. Measure across right to left. The difference front to front and rear to rear is your net toe-in (or out). Divide by two for the theoretical toe on each side.
Using the string/jack stand method is almost as simple, but a little more involved, and also as accurate as anything a shop can do for about zero cost.
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