The problem with the standimeter is that it thinks ALL mast heights are 20m. So that's why it sometimes works depending on where you measure from, as long as the point is 20m up, you'll get a proper reading.
TheDarkWraith fixed it programatically. What happens behind the scenes is that it reads where your install directory is, compares the locked target's name to the names.cfg file, then takes the ship type given by that and reads the proper mast height from the ship's config files. You as a player only see "Mast Height: 28.4" or whatever, and the standimeter "just works". Measure from the top of the mast and tada!
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