Hikmicro Alpex 4K LRF BC setup

Hi all, sorry if this has been asked before. I’ve just been setting up my Alpex LRF, it’s all zeroed so moved onto the ballistic calculator. I’m using Hornady ELD Match 120g 6.5 Creed, I used the muzzle velocity on the box of 887m/s. At 200m using the LRF the drop was still 6.5cm low of the hold over aim point. I read that I should drop the m/s by 20m/s at a time. This did bring it up slightly but I’m wondering how far do I go before its throws other ranges out?

I don’t know if this is the done thing but if I didn’t use the the LRF and shot at the target without holdover. Could I measure the drop manually and adjust the m/s until it corresponds with the measurement I took from the target?

I understand it would be a lot easier if I had a chronograph.
 
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