C.O.A.L.= Cartridge Overall Length.
The Stoney Pt. tool is also often called an OAL gauge. But more accurately it is a base to ogive gauge at the point of land contact.
Using a Stoney Point--
When I measure with a Stoney point gauge, I'll use three or four bullets and I'll measure each twice.
Normally, the two measurements of the same bullet will be within .002". For the set of all bullets, my spread might be .005" over 8 samples,4 bullets each measured twice). If I get one that's way long or short, I'll measure with that bullet again. If it's still way off I'll try another bullet from the box. Usually, you'll see one measurement really predominate over a large set of samples--that's what I'm working to find.
There is a technique to using the thing. You need to keep the rod straight. I've found it best to sort of tap-tap-tap on the end till you get solid contact. But if you push real hard you'll hard-jam the bullet in the rifling and that can alter your measurement by .010" or more.
But once you get used to the technique, I find the tool is very repeatable, once you understand that the measurement can vary up to .004" from one bullet to the next. I'll try to get at least 6-7 readings and then I'll choose the dominant reading and use that to set my dies. I generally seat .015" in from that position for a 6BR. This has proved very accurate. And, when I've recommended .015" in, as measured with a Stoney Point, the guys who've tried it have also had very good results. If the S-P tool was way off I don't think we'd be able to replicate a recommended seating depth from one gun to another and get consistent results.
The key is being patient, learning the technique, and taking multiple measurements.