Firstly,
Clipping the rod works well, find a referance on the horizon (opp bank)for your left right co-ordinate. just be carefull you dont go too quickly near the drop zone as there wont be any give from the clipped line.
Secondly,
Remember, you cant clip your rods you using to fish and leave them on the pod clipped, as when the fish takes your bait, he's gonna take your rod aswell or snap your line.
Thirdly,
To transfere your distance to your fishing lines, try these methods:
1)Walk your rod lines out on the bank against your feed rod line,(which you clipped) Then, either as J says tape it with a small piece of insulation tape or use a black veldtip pen and mark about 500mm of line near the reel.(you may need to reink it every now and then as it does fade)
2)Or you could buy a line meter, they not expensive, about R100 and clip it onto your feeder rod, read the lenght after you drop your feed and transfer it to your rods you using to fish with and drop at the reading you got. then mark each of the lines as said above.
Using these methods, you need help on the bank, sothat you reach the same spot everytime provided you work off some referance points on the horizon,opp bank.(eg.left right)
3)Or if you have the money, a cheap gps with way point facillities would work well too.
Hope this helped you