you can use it to check the semiconductors, but that's about it. the small (less than 1nF) caps will read open circuit if they're good, and all of the coils will read shorted. RF amps usually have one failure item and that's the transistor. other things that fail are the zener in the bias circuit or maybe a resistor or two.
The huntron tracker is a fine example of an "octopus" type GPETE that uses different frequencies and different voltage levels to overcome the shortcomings of the 60 or 50 hz octopus.