I thought of a workaround. I'll share it in case others find it useful.
When I get a contact report I always draw a line from it in the reported direction, and then draw a "corridor" 22 degrees wide. Assuming the contact does not change course, it will be somewhere in this corridor.
I then draw a circle 16km in radius (because I play with 16km Atmosphere) to act as an indication of maximum spotting distance and give me an idea of how close to that corridor I need to get.
Recently I started drawing two circles instead of one (the extra circle being an 8km circle inside the first circle, indicating visibility in light fog or at night time) and that's what gave me the idea of
drawing a clock 
The "hands" of the clock show a time of 8:20. Neat huh?
The circle-drawing tool makes this really easy because on it's inner ring it already has the 12 points of the circle marked (0, 30, 60, 90, 120... )
