I found a Band Saw blade tension tester. Basically clamps onto the blade, and you apply X amount of pressure while a defection dial checks how much it moves. And for a Mere $350, you can own one too... Yikes...
My problem is often with applying too much tension to my blades. They seem to slip or pull out of the blade set screws, or break right off. It's a bit of a balancing game between being too loose and poor cutting, or too tight and easy to break.
Like others have said, over time you set it based more on experience than anything else. What would be very cool is a blade clamp that sets the perfect tension every time. It shouldn't be so hard to make. If the blades are all exactly 5 inches long, you could have a guide stop to put the top and bottom of the blade up against, and the machine sets the tension based on this.
J.