Keith - that's correct (in principle). In fact it doesn't really matter what the distance is since any numerical calculations will take magnification into account. For telephoto lenses like a 500mm telephoto the distance is easy to measure - 500", though exactly where you measure to may be uncertain! For example with short zooms like a 10-22mm, when you measure the 10" to you measure to the front of the lens, the camera body or the focal plane of the sensor and what do you do with a lens that has seperation of the principle planes (as all retrofocus and telphoto lenses do).
So as you can see, measuring distance is just a rough guide. As I explain in the article (
http://www.bobatkins.com/photography/technical/lens_sharpness.html) you can measure the mahnification you shot at pretty easily
What I do is make sure the corner targets are tight into the corners of the frame, especially with cameras that don't have 100% viewfinders. That's usually good enough.