Hi,
I was directed here by ic-racer, who has spent much time & thought on this subject & posted some most useful information and experiment results. Thanks!

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It seems to me (thinking aloud)
There there will always be an error with any shutter tester, due to the width of the sensor used.
The error is large enough to be a problem when measuring exposure at shorter times.
As the curtain slit width gets smaller (exposure decreasing) the error between measured and actual exposure time will increase due to the slot width & sensor size ratio reducing
The error can be calculated with a known slit width (as demonstrated by ic-racer), however, slit width at any exposure will vary depending on the camera's sync speed (1/30s sync would be 36mm, 1/125s sync would also be 36mm)
It would be easy to add a sync speed selector to a modern microprocessor based shutter tester, which would add an offset for a known slit width.
Setting up a camera, one has no idea what the initial slot width will be as it would depend on spring tension and how gummed up the works are.
Using one sensor, to measure 'seen' and 'not seen' causes the problem we face as the sensor has width, thus the two measured values have a slight difference between them.
Using two sensors in a shutter tester, one measuring 'seen' and the other measuring 'not seen' would remove this error, however, precise manufacturing would be required, or fine mechanical calibration adjustment, outside the scope for most of us.
Using two sensors, speed of a passing object can be measured without sensor width error, as each sensors 'broken' time would be used.
As a shutter tester uses two sensors (or three) the travel time, thus average speed, of each passing shutter curtain can be measured without sensor width error.
A simple calculation can be used to calculate the curtain transit time across the sensor, based on curtain travel speed.
The time of sensor transit being known, this can be used as a calibration value to correct the error caused by sensor width.
An assumption has to be made that the shutter curtains move freely and do not hang or lag. However any such fault will show as an imbalance of exposure on the tester. Similarly an assumption has to be made as to the width of the sensor and how much of this width has to be exposed or covered to trigger the sensor.
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Following my thoughts & musings above, I have added some test code to my version of a shutter tester and it seems to be correcting the measured exposure value, with the corrected value getting progressively smaller as the exposure time decreases.
More tinkering is required, but my hopes are high for a more accurate shutter speed tester.