Thanks for sharing. I found it very interesting. Theres no reason that comes to mind why with proper calibration and leveling this sort of setup wouldnt give an accurate reading. But if one thing was to shift it wouldnt be repeatable. Also the precision of the reading looks be rather low because of the beam widening out as it travels a bit.
Still a neat trick. Could be useful is special case where you needed to estimate an angle without actually touching the blade first.
Current digital inclinometers cost $30 and are accurate down to 1/10 degree or lower even. That and a $2 sharpie will get your angle dead on!