Yes? Too many variables to depend on it being an absolute gauge (if I dial in 0.75mm, it might not get all the way there - depends on initial thickness amongst other things), but it is a useful relative indicator.
Can't see on the D4 without dismantling, but I'd assume from your photo it was a keyed shaft, possibly a Woodruff key. Which may not be there...
I have an old Durston with a much cruder gauge - provides a relative indicator as Peter says, with fine adjustment by eye/trial&error as you suggest, Theresa. However, I've just bought a basic feeler gauge for £2 on eBay - http://www.ebay.co.uk/itm/361470448839 - which should help. (My old one, used for years on engine parts, seems to have disappeared.) It should allow measurements between 0.05 and 5.95mm in 0.05 increments - provided it's clean and the blades aren't bent or distorted, you can combine two or more blades to get the exact thickness you need.
Alan
If you're happy to take the handle off, you should be able to lift the gauge dial off - there looks to be a slot machined on the main shaft that (assuming my guess is correct) should have a key that slots into the gauge dial. If you give Durston a call they might be able to recommend something; I'm working from a guess from your photo.
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