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My understanding is that's literally the definition of Eased Gun - pulling off a big handful of power to try to settle into the wires and avoid a bolter. I often get the EGIW comment when I haven't reduced power at all... but sounds like it was applied correctly (for once) here ;).
Just a heads up, there IS a digital readout - of sorts. On the upper left corner of your HSI is your TACAN data block; it's circled in red in this pic and shows that the TACAN bears 261 degrees from you, is 3.0nm away, you'll be there in 30 mins (guessing active pause was on lol), and the TACAN station ID is CVN. So you know where the ship bears from YOU; you just need the reciprocal heading to know where you bear from the ship. It's 180 degrees opposite (I've always used the "subtract 200 and add 20" method). So in this case, you'd report that you're "marking Mom's 081 for 3 mi