Thinking out loud…
The red dot seems to be intended to be centered under the head cam, which is offset from the actual laser. And, it has a known shift based on height.
If you took the measurement of the material first, you could calculated that shift, offset it by the camera-to-real-laser distance, and then run the program from there. The red dot laser would then track where the actual laser is supposed to fire.
There would be the caveat that it may not work near the edges of the of the laserable area, but that would be the only downside I can see.