Great feedback, it seems the consensus is the variation is minimal, with factors other than elevation being the cause.
This got me thinking that the problem of shooting a high zero at altitude, may be more prevalent with the guys that like to shoot a little high to begin with at home. This is a club I used to be in, figuring up to an inch high is good for zero. Then go to elevation and find the one inch threshold has been crossed - readjust. In reality, the actual change is quite small.
This year I'm going with the Leupold Custom dial system and want things exact, as my comfort shooting range has increased. Two weeks away!
It will be minimal, but there will be a bit of a difference. I agree with the 100yd zero club. It will make the difference almost nothing.
You can calculate it. Just run the numbers with a 200yd zero at your current altitude, note what the elevation(rise) is at 50yds, then run the same data but at the altitude, you are going to be at, and change the zero range until the 50yd data matches up. This will get you really close to knowing the exact zero. I actually used the data for 30-50 yards, in 5-yard increments.
The only effect altitude has on ballistics is air density. Of course, most of the time temp and stuff will change also, but sometimes not depending on when you zero your guns. Air density has its effect on a projectile the longer the projectile is in contact with it. That's why unless you have a 500-yard zero or something crazy, you'll never see much of a difference in zero.
However, if you are shooting great distances you can quickly see the differences in trajectory with the minimal difference in zero. For instance, using my .308 load, all things equal but elevation, going from 700' to 8000' puts a 200yd zero at 700', to 205yd zero at 8000'. That's not much really. However, once you stretch that out to 500yds, its a 5" difference. That, in the precision game, is quite a bit.
Honestly, my opinion, the difference in zero is not enough to be concerned with unless you for sure going to be shooting really long distances and are going to be shooting something that has a relatively low velocity and has a low BC value.