Yeah I've got one of those SMD DD-1's.. So what it'll do is let you know when you reach a certain distortion threshold at the head unit (when it clips basically) and then at that level when the amp clips.. Running either 1khz or 40hz tone. So what's that tell you.. How far you can peg an SPL system.. So kind of a baseline. I still find it too noisy and I still use gains for driver balancing. Back them off to a level I want by ear. Results are the four things you want to achieve.. Clean, noise-free, balanced, loud-capable. Done.
Probably about as good as if I simply had one of the cheap pocket hand-held O-scopes.. I dunno. So would I recommend it? Eh, it's easy, but so are your ears if you know what solid-state clipping sounds like.
Also the thing is once you start tuning, you're backing off on "gain" anyway in the channels when level-matching anyway so it's kinda moot.. I suppose if I really needed more head-room I could easy push the envelop AFTER level-matching out to near-clip, but why? Just to have to deal with noise, and have 1/4 actual usable volume before it runs you out of the car?
In short.. Set your gains so it's quiet, clean and loud as you want it to be, using a good recording of music that isn't pegged from loudness-war engineering. Then you'll know if it plays "good" recordings cleanly at your personal "reference level" without issue or grain or strain, it'll rock about any music you throw in and on pegged recordings you can back off at the volume or consider a tad less gain.