I was also just curious if there were any other methods?
I think the invisible collision box sprite pinned is the best method.
As to rather pin or move every tick, it really depends on what is going on in your game.
Pinning (position only) on start of layout or on creation of the sprite/object/character will allow you to only deal with it once and rest assured the collision polygon you're looking for will always be aligned with its correct sprite, at the correct angle no matter what.
Positioning every tick allows you to be able to have a more precise control over the positioning in case you would like to have some offset, or apply some special operations at will.
There is no "absolute best" here, just what fits best the game you're making.