It will work but you need to know the angle you are pointing the beam to the top point of the
sign from the origin of the laser source - your hand.
I hope you're good at trigonometry! I also hope you have a method to calculate the angle at which you hold the laser at.
I also hope that the wall you are measuring, which has the
sign on it, is 100% perpendicular to the theoretically "flat" ground you're standing on.
While we're at it, let's also hope that the
sign you are measuring is flat against the wall.
With a few formulas and a Macgyver on your installation team, I'm sure you'll be able to get some reliable measurements.
If I had Macgyver on my team though, I'd just tell him to get his bum up there and measure it.
My 2c.