I find that the solder method is the easier way to check squish, as you can do it before disassembly - here's one example:
http://hammerperf.com/ttcheckingsquish.shtml
I prefer to just leave the motor assembled and use a long peice of solder with a 90 degree bend in it inserted through the spark plug hole and held against the cylinder wall directly above the piston pin.
I check it on each side of the piston, and shoot for .030-.035 squish -- and if it's higher, get a thinner base gasket to correct.
If your squish is set nice and tight you'll notice a snappier midrange and less pinging (my compression is much higher than stock, running the same cam, but getting less pinging than before -- and I attribute it to having the squish set correctly)