I'll add a couple of thoughts.
1/64th is definitely something difficult to shoot for on the nose. What you want is to do what Chappie said and that is to light finger tighten the cap iron to the iron, and then proceed to slowly push the cap toward the edge of the iron. When you're new at it you might set it and tap it a fair amount as he suggests.
It's better to not think about distances other than whether or not something looks right. You can see a few thousandths of iron pretty easily if you have a reflective surface and a curved chipbreaker (the differences is stark, even if the curved chipbreaker is bright metal). If you have a fresh metal new chipbreaker with a polished bevel, it's a little harder to see the transition from chipbreaker to iron, and it's helpful to gun blue the cap iron or do something that's semi permanent.
Anyway, you can see the reflection of the iron all the way until you've pushed the cap iron to the very edge. There will be visual cues that become extremely familiar with a few repetitions and you should have no trouble after a couple of weeks in thinking "that just looks right".
I think those things are why old hats have trouble describing how to set the cap iron to newbies.
If you have an iron that still moves after finger tightening when you do final tightening of the cap, that's a pain, but there's usually a metal burr somewhere to explain what's causing that and you can get rid of it. Older cap irons on woodies tend to have a lot more variation in their personalities, but still, you get used to how they behave, and if there's a problem, you can file or sand it off (a burr on the bottom of a cap iron screw, for example, will push the iron and cap iron in different directions.
Anything that seems fiddly at first goes away pretty quickly. It's like riding a bike. Seems like a million things to keep track of at first, but then it's just reflexive and should take about 15 seconds to set.
I can't think of any real practical limitation at this point, but from the perspective of an instructor, if 30% of students in a class are just duds, then it may be difficult to teach it collectively.
I can only cite personal experience. I forced myself (after being goaded by warren) to learn to use the cap iron by barring myself from using anything else on a project that took two weeks and involved a lot of diemensioning and final smoothing. Within a few days, it was clear that a stanley 4 was far better at the finish work (speed wise) than a very precise infill I'd made, because it could work from the try plane prep a lot faster, and within a week it was easy to set the cap iron right about where I wanted to from just looking at it and not thinking about anything other than whether or not it worked right. By the end of two weeks, I took all of my other planes out of the shop and put them in a dry area for storage, which is where they still are.
I overran the edge a couple of times the first few days. Those things go away pretty quickly.
(when I set a cap for a 4 or so thousandth max shaving, which is a really nice way to set a stanley plane, the reflection of the iron is visually about half of the red proportion that's shown in that picture)