Unless told by the tower "cleared to land" you are not shooting for the runway, but pattern altitude. At KMYF, approaching from the north with clearance through Bravo, SoCal will usually instruct you to maintain 2,500' until south of hwy 152. By then you will have switched over to the tower frequency. After 152 you will be cleared to enter the downwind for 27 R or L. You will find yourself having to lose a lot of altitude fast.
I usually started engaging the flaps to full while putting the nose down to keep my descent speed slower. When I reached pattern altitude and leveled off, I brought my flaps back up and entered the downwind at the proper speed (80kts).
You can also approach from any altitude above most airports with a spiraling descent down to pattern altitude, or with clearance, all the way in.
500' pm descent is normally what is used for flight planning in trainers. You have to know your ground speed. Do not assume that your airspeed indicator is close to your ground speed, with a headwind or tailwind the two speeds have little in common.
Always know the pattern altitude of the airport you are approaching to land, that is a whole lot more critical than correctly guessing when to start your descent.
If you undershoot, just level off at pattern altitude and continue your approach. If you overshoot, depending on how much, get the nose down, extend flaps, whatever it takes to get to pattern altitude. Then adjust your speed for the pattern if you have not already done it.
Use flaps, watch your speed, do not just dive down to pattern altitude. remember, in a dive, you accumulate energy, you are going to have to lose that energy before you land. It is best to try and not accumulate it in the first place.
In other words, except for planning purposes, it is not a huge deal as long as whatever you do is done correctly and safely.
-John