. . . This won't work if the ring is rotating. The degree marker at which a mounted two-way mirror would reflect the counter-propagating light beams such that they arrive back at the clock (placed at the 0 degree marker) simultaneously would not read what we normally think of as 180 degrees i.e. as the degree marker diametrically opposed to the 0 degree marker. If we in fact placed the two-way mirror at what we normally think of as the 180 degree marker then the prograde beam would arrive at the clock before the retrograde beam. Using your method we would in fact place the two-way mirror at a degree marker that is shifted, from what we normally think of as the 180 degree marker, in the direction favoring the retrograde beam in order to compensate for the Sagnac time delay (which is what results in the associated phase shift). So your method would only work if the ring is non-rotating. If you really wanted to place the two-way mirror at the "normal" 180 degree mark then you would need to take the Sagnac time delay into account when recording the arrival times of the counter-propagating signals, upon reflection, as opposed to looking for simultaneous arrival times, upon reflection. . .