Why not add a structure that spawns in the Nether randomly (this should be common, like somewhere in the Nether forest or in any other parts of the Nether), and by placing some kind of a new block (kinda like a Core) in it, it powers some kind of a beacon indicating that your spawnpoint has been set. The structure should be in black (like an obsidian), like some kind of Pillar with a podium in the center so you can place the said block. The Block can be crafted with any items in the Nether, such as a powdered Blaze Rod and Ghast Tear and with a Glowstone (Here, it's your decision on what the recipe for this block.).
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