I can't really see this tool being that helpful. My SOP for lighting is to take ballasts and lamps with me if I know exactly what type I'll be needing. If I have no idea I'll usually show up on site and see what kind of fixtures they are and how many are out. I'll test one or two of them for socket voltage to see what the lamps to ballasts failure ratio might be. Then I'll call our shopguy or partshouse and have them deliver lamps for each of them along with ballast kits to cover 20-30% of the lights, usually. Like 480, I replace everything when it's more than just a lamp problem.
I've had a pretty clear cut pass/fail rate by simply checking socket voltage in MH. If the voltage measures right, screwing a lamp in works just about everytime. HPS I've had maybe 50% success by checking socket voltage, sometimes it's where it needs to be, but the ignitor has failed. I haven't came up with a good way to check an HPS without a known good lamp yet.
Although, my Fluke 336? seems to blink when it gets hit with the pulse(I'm sure Fluke would highly discourage this practice, hasn't damaged it yet though!), so that might be how I'll tell if the ignitor is working. I'll have to do some more investigating though...
