I've always been told that, yes, this is the rulebook-proper way to reset the chains after a turnover on downs. But I've also always been told to ignore the rulebook-proper rigor in numerous situations. To wit: "Start a new possession on a tick."
The reasoning is, coaches don't care about precision after a punt return, and coaches and officials alike prefer the certainty of knowing that the line to gain is exactly at the white of a hash mark. Even when I have positive knowledge that the punt returner advanced the ball to the 28.5, I've never met an official or a supervisor who didn't advise putting it exactly on the 29 or the 28.
Does that reasoning not also apply after a turnover on downs? Unless we were inside the 10 yard line where inches matter? In my games, when the down box is on a tick and the 4th down pass is incomplete, I've never had a U whose standard procedure was to put the ball right where it used to be. And I've never had a boss or even an R tell me that's how he wants it done.
I *have* done it when the previous spot happened to have the ball's "old tail" on the tick - because now the new nose is on the tick. Even so, the veteran chain crew muttered some unfriendly comments implying I was an idiot for thinking this was proper. Obviously a chain crew's conception of right and wrong means squat, but I would hazard a guess that their opinion is more similar to that of veteran Rs and Us than you might think. When the old nose is on the tick and the goal line isn't nearby, do coaches and Rs and supervisors really want to start a possession with the chains floating between ticks?