Hi.
L-8 is a ground reference maneuver only to the extent that you have to have a ground reference, typically on you wing tip. The things to keep in mind is that at 90 deg/ 30 deg bank your nose should slice to the horizon, you are not in a pitch up attitude, your highest/ lowest pitch are at 45, 135, most people are having a difficult time with that point.
Your CFI may be correct in that you can use a road, but you should Not have to look at it under the acft, look at it waaay out in the distance. It is one of the most difficult maneuvers to do right, most people that think it's easy they likely never done one correctly. When you are done you should have a symmetrical sideways 8 described on the ground, after you do it in both directions. Get a device that you can record your track and view it. If there is wind, if done correctly there will be some adjustment for that also, but most of the time not much attention is given to that, as long as it feels right.
In most acft the overbanking tendencies will Not get you a decent L-8, you have to get the mental picture in your mind, know where your high, low, steep points are and probability the most important is start at the correct airspeed, to end up at the same speed, and altitude. Due to many factors in the acft you use the left or right will require slightly different inputs. When you get it right it's like a beautiful sky dance, you may never want to stop doing it.