If you have the access to HPLC with fluorescence detector, it could be quite cost-effective. Both the substrate (Angiotensin-1: DRVYIHPFHL) and one of the product (Angiotensin-2: DRVYIHPF) have fluorescent residues (Tyr and Phe) but they will have different retention time, so you can easily and quantitatively (after proper calibration) measure the activity of ACE.
I think you should start by thinking about what equipment you have available. And then choose the most appropriate assay; colorimetric, fluorescence, hplc etc. as noted above. A pubmed search will quickly reveal relevant literature.