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@crank
This is the proper tool and proper way to do it. It's well overpriced and overcomplicated, and isn't exactly a precision instrument.
I bodged one up by getting two threaded axles, bolting one into each dropout (sandwich the dropout between two nuts/lockrings/whatever) so that they meet half-way in between the two, and using them like the proper tool. Worked a treat.
Boo-yeah hardcore ninja $0 bike-collective mech skillz!