I always guesstimate the in-between. Though my tester's increments are 2 points apart, so 7.2, 7.4, 7.6 etc. If it's not quite orange enough, or red enough, I'll record 7.5, etc. I'm fanatical about my CSI, so I like to enter as accurate a pH number as possible. Keep in mind though, that testing procedures, and the tests themselves, can have quite a margin of error, so you can't get too crazy. I think a lot of the Taylor tests have a 10% margin, so there's that.
Consistency is the key to useful test results. I recently had a little bout of algae on my pool walls. I had slipped up and my FC dropped to 2.5. So now I know where my pool's threshold is (at least for that time of year). So it doesn't really matter if the FC was actually 2.5, it only matters that I test consistently, so if I again get a result of 2.5, then I'll know I'm in for some trouble. Additionally, every pool is different, so the "algae threshold" of 2.5 in my pool might be 1.5, or 3.5 in someone else's. So the test results, however accurate, are always only a guide for what works in your pool. It's consistent test procedures that make the numbers reliable in your pool. How your pool reacts to a given chem level. How that compares to others' results, including TFP guidelines, is less important...