I would say a definate 'yes'. Video is a must have ... besides calibrating your video, you learn more about what does what to a video signal.
Audio wise, i have found pre/pro - receivers set-ups are cool and get you in the ball park and on the playing feild. Testing from the sourse just seems like best practice. Since we watch dvds from our dvd player(multi-channel music too), I like to include this in the test/setup signal path.
Therefore, IMO - a test DVD is just as important as a sound meter.