Looking at it Yes. It won't give exact phase, but you can tell if you should invert phase on a specific speaker. The key is to run the speakers full range when setting it.
Look for the initial spike, if up it is in phase at the listening position, if down it is out of phase and you should flip it. Also, for time alignment you are trying to align the spikes of all of the speakers. Don't worry about the sub, it usually isn't affected by TA and is usually the furthest speaker away and the speaker you align the others to.
Just be careful when doing this, you can easily blow your tweeters with too hot of a signal using MLS signals.