Hi Tom,
You can certainly use a nice prop protractor like this one;
http://www.aircraft-spruce.com/catal...clickkey=29175
You can also just use a 12" digital torpedo level like the one you may have from Sears with a rubberband and or use both. I use both.
You already have a flying aircraft so static is probably already close and it flys so you need to just fine tune the pitch for the best all around balanced performance since we use ground adjustable props. After a few years of testing for different companies the
best all around Rotax WOT rpm at your average altitude is around 5600-5650 rpm at WOT in flat and level flight.
If you live in Los Angeles and never fly over 3K then set it for that. If you live in Mammoth, CA with a field elevation of 7100+' and always fly at 11K-13K then the pitch should be set for that.
Never have the prop adjusted so it is below 5500 rpm at WOT.
Mark each blade with a mark approximately 8"-9" back from the tip on each blade. Always loosen the larger 8mm hub bolts first and no need to loosen them any more than you can turn them by hand when loose. Face the plane and rotate the first blade around so it is on your right. Place the level on the blade so it is level with the ground. If we do this for each blade they will all be equal. Now place the level on the back side of the blade so one end points to the floor. Put the rubberband around the tips of the level around the blade and it will hold it in place. Look at the pitch on the level. It really doesn't matter at this point what the exact number reading is. If you need 1/2 degree adjustment to a finer pitch then loosen the other prop bolts until you can turn the blade so it is 1/2 degree flatter than the original reading. Snug the blade bolts back up, but don't worry about torquing them until you are done. Now remove the level and do the same for the other blade(s). Once done double check each blade before you torque the bolts up. Always torque the large 8mm bolts first. These are first to loosen and first to tighten. If you needed a different degree adjustment then that is what you would have done. Now go fly and see if your WOT rpm in level flight is around 5600-5650 rpm. This tends to give you the best climb, cruise, top end speed and fuel economy.
Here is a good article on prop pitch:
http://ctflier.com/index.php?/blog/6...justable-prop/
Hope this helps some.