Doughnutman:
Using a stop watch is really tough - since it depends upon your reaction time.
The old rule of thumb is that 300 feet throwing distance equates to 90 MPH initial velocity. This site below - from Bum - is backwards but you should be able to make it work to determine other initial speeds. Use 35 degrees as the launch angle.
http://hsbaseballweb.com/eve/forums/a/tpc/f/1491034941/...911073003#6911073003
The results are interesting:
90 MPH - 315 feet
85 - 291
80 - 267
This seems a little closer to me than the old rule of thumb - but it is certainly good enough given the unknown variables like wind and precise launch angle.