That's the setup I've been playing with lately and it seems to work. If the board you placed in this square reference had not been cut to size, to me I would simply mark my length/width dimensions...extend the lines till they intersected and check the diagonal result to make sure the intersection was at that point and I should have a square panel.
Since I'm setting up repeated cuts for drawer bottoms I'd either use Jerry Work's method (VERY EXPENSIVE/NICE) with the MFS or John Lucas's method of double ruler so I could feed the boards for the repeated cuts to dimension. In the past I've marked boards for cuts and when I ended up with a number of boards, they all were close in size but not exact (which really caused problems for me). This MFT and this setup should solve that problem?
Since I'm setting up repeated cuts for drawer bottoms I'd either use Jerry Work's method (VERY EXPENSIVE/NICE) with the MFS or John Lucas's method of double ruler so I could feed the boards for the repeated cuts to dimension. In the past I've marked boards for cuts and when I ended up with a number of boards, they all were close in size but not exact (which really caused problems for me). This MFT and this setup should solve that problem?