You can really just do it by eye ... spin the wheel, look at where the chain is in relation to the sprocket teeth. You want the teeth to be in the center, with equal spacing between the side of the teeth and the chain plates.
The motion pro tool just gives you a longer point of reference. Cheap tool, works well.
The laser tool is actually pretty trick ... fire the beam from the sprocket forward, make sure the alignment of the chain matches the beam. We actually use the laser tools in the shop, they're the most accurate.
Another cool tool is one that has two bobs on a long rod. You put one in the axle, the other on a symetric mount on the bike (usually swingarm pivot bolt). Fix it in place, move it to the other side, adjust to match. Muzzy sells them, but they're about $150.
At the track, if I'm changing gearing ... I just eye it up.
*Never* trust the marks on the swingarm. They are always off.