I've been using the deck leveling gauge for about 10 years now. It makes things a lot easier to check quickly.
As far as levelig the deck goes, it is slightly different from one brand to another regarding what to adjust, but the basic procedure is the same.
Start by setting your deck at the height you plan to cut. Next park the mower over a dead flat surface. Even minor "birdbatths) commonly found in concrete can give you false readings.
First, turn each outer blade so that the tip is pointing straight forward/rearward. Using the tool or something else to measure accurately, check to see if the tips are matching your setting on your mower deck for HOC. If not you'll need to adjust that, but generally they come pretty cllose from the dealer. For example, you want too cut at 3", and set your HOC there. The blade tips should be right at 3" at the front tip of each outer blade, measured at the bottom of the cutting edge itself.
Next, rotate the blades 180 degrees as already mentioned by someone above, and recheck them. Most manu's recommend the rear be 1/4" higher at the rear (not 3/4"). If they aren't, you need too raise the rear of the deck untiil they are (or lower it if that's what's needed to reach a 1/4" difference) by adjusting your deck according to your op's manual's procedure to do so.
after you get the pitch from front to rear set correctly, turn each outer blade so that they are pointing straight to each side. Check to see that they are the exact same (or out no more than 1/8" from side to side). They should also be approximately an 1/8" higher at the tips while in this position than they were while pointing straight ahead due to the picth of the deck.
If they are out more than 1/8", the deck will need to be leveled from side to side properly. Doing this won't affect the pitch as long as you don't have to make any radical adjustments. Just make sure to re-check ebverything once you have done the side to side re-leveling.
This is a link on how to do it from a JD manual. Scroll down the left hand column until you see the words Under the Operating sub section " Adjusting the Mower Deck-All models)". There are pics on how to do what I described above to a JD ZTR, but it will be similar for any brand-
http://manuals.deere.com/cceomview/OMTCU27228_E9/Output/Index.html?tM=HO