The problem is that there are so many variables: rate of bullet expansion, frontal area, position of center of mass (I think the more forward the center of mass the more likely the bullet will travel straight), consistancy of the ballistic medium from shot to shot etc etc etc.
That is why the "GH method" is good. I think all of us agree that a .30 cal. 180gr Nosler Partition at 2700 fps will kill moose, deer and elk dead. Therefore a bullet of similar diameter that has similar performance on the test medium should have similar results on game, irregardless of the weight and velocity.
And yes, high school was a long time ago!
The only downside I see is the dry newsprint, because it is VERY tough and therefore minimizes differences. For example, what would 1" of dry newsprint penetration equate to in wet newsprint?