Martin,
good idea! Indeed this would make sense.
In this context see the essential part (page 2-3) of our AAVSO 2012 publication of the PCyg campaign, in which we study the intrinsic flux by division of the EW through Vmag:
http://astrospectroscopy.de/PCYG_AAVSO.pdf
To get contemporaneous Vmag values should be not a problem.
The derived quantity is not the line flux in physical units, but a quantity proportional to the physical line flux, corrected for continuum variations. It is important to consider the absolute flux of the line because its variations are caused by the effects of mass loss, stellar wind den-sity and changes of the ionization state of chemical elements in it.
Ernst Pollmann
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Active Spectroscopy in Astronomy
http://www.astrospectroscopy.de
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