Okay, it seems to be really interesting for you to know how it works. I'll try to explain the principle how the measuring devices work. Hope you'll understand it, because I don't know if I find the perfect words in English for the parts...
Here I show another measuring unit from the manufacturer "Josef Feichtmaier of Geiselhöring". It is approx. 60-70 years old, one of the last constructed devices. After WWII they weren't anymore demanded. There were enough devices in the shooting clubs and schuetzen societies of former decades. If you don't throw it down, it will work for ever without problems.
That's German engineering! *cheekysnicker*
The measuring step by step in details:
Step A: One places the paper-bull carefully with the impact hole onto the mandrel without perishing the hole.
Step B: Afterwards one places the "holder" (#1) onto the mandrel. The holder has a cone-shaped pin at the bottom. With this pin the paper-bull is centered on the mandrel.
Step C: Inside the holder, there is a spiral spring, so that one can pull it down to hold it in tension.
Afterwards the dial indicator (#3) is set to "zero". The paper-bull will be turned carefully and slow by the holder.
The measuring starts, when the "highest point" of the out of center turning paper bull touches the slide gauge (#2) towards the dial indicator.
Step D: At the dial indicator there are two scales to read the measuring.
On the horizontal scale (#4) one can read out the "100's". One can see that the needle is very short just under the 200, it's only shown one entire "100".
Step E: On the round scale (#5) one can read out the detail value. A "92" is indicated. Both values (100 + 92) are added to the sum of 192, this is a so-called 192-Teiler.
The impact hole is 1.92 millimeters (0.075 inches) out of total dead center of the paper card bull-target.
I hope you understand my description of that particular matter.
If there are any questions, don't hesitate to ask.
Biggi.