Darren,
If you were in the US, I'd send you a mag base/dial indicator to use and return. Being in Canaukenstein, shipping is way too expensive to make that happen.
Here are some links to some harbor freight parts to give you an idea. I use these things all the time.
http://www.harborfreight.com/multipositional-magnetic-base-with-fine-adjustment-5645.html
http://www.harborfreight.com/1-inch-travel-machinists-dial-indicator-623.html
Grab an indicator extension, ~4", if you can find one.