We can calculate the magnification as a function of subject-to-film distance. We can also use the 46mm flange distance of Olympus OM-mount lenses (I assumed that this is the lens mount you referred to) to figure out magnification based on focal length, flange distance and measured subject-to-flange distance of the reversed lens.
First Way:
If you measure the subject-to-film distance k (fairly easy to do), the magnification is given as
m = [k + sqrt(k^2 4kf)]/2f 1 (Note we divide the bracketed quantity by 2f and then subtract 1)
Example: Let k = 200mm and f = 50mm. Ill assume that the lenss nodal distance is unknown.
m = [200 + sqrt(200^2 -4*200*50)]/2*50 1 = 1X = 1:1
This is necessarily somewhat in error due to the unknown nodal distance of the lens. The nodal distance is usually not enough to spoil the result within practical limits. If you know the nodal distance, then it can be accounted for and the result will be exact.
Second Way:
We know that the rear nodal point of a 50mm Olympus OM-mount lens is positioned forward of the mounting flange by f flange distance = 50mm 46mm = 4mm. If you reverse the lens with the focusing of the lens set at infinity position this nodal point is now 4mm rearward from the flange and towards the camera.
Now we can calculate the magnification as
m = f/(s f)
Note: This method is independent of the lenss nodal distance and should be accurate as is.
The distance s can be measured with a millimeter scale. First measure from the subject to the lenss flange and adjust for the position of the nodal point. Assume that the lens is placed on extension tubes or bellows so that the distance from the subject to the mounting flange surface of the lens is 96mm. That makes s = 96mm + 4mm = 100mm (the lens is reversed, so the nodal point is 4mm from the flange of the lens towards the camera and must be added to the subject-to-flange distance).
m = 50mm/(100mm 50mm) = 1X = 1:1
The area recorded should equal the format dimensions divided by the magnification. This assumes the subject is in a plane parallel to the image plane.