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Yes, really. In the quantitative analysis labs I am familiar with, and where
the students are graded in this fashion; they DO NOT have a known result to
expect, because the answer is an unknown to them. Therefore in their
attempts to get within x% error they do their darndest to reduce their
errors in measurement and learn all sorts of subtleties to getting accurate
measurements; just as you hope they will.
Accuracy is of paramount importance here and I think it is quite justifiable
to grade in part (or maybe even in whole, depending on circumstances) on
accuracy, which definitely means a percent error type criteria; at least in
part.