I hope you have a good sweep generator, I have an old hickok and I have yet to figure out what I am looking for on the oscope.
I recently got a heathkit, FMO-1. It seems much more user friendly, I have been studiing the wave patterns it puts out and I think I am begining to understand it, this not a detected signal mind you just the 10.7 sweep directly into the oscope.
Really cool as you can see the two freq in my case you can count 6 distinct waves and 7 distinct waves and then there is the ghost waves that connect the two. All this being done on a 400 cycle.
I think if you really really wanted to do it right you would need a specturm analyser so you could see the actual IF freq, but I think the idea is to use the demodulated 400 or 60 hz pattern to get it right. My problem has been trying to get something that looks like the patterns shown in all the alignment procedures.
As far as MPX I have used a cheap little stereo generator (the kind used in cars to transmit to the car radio). I then hook up the two receiver channels to a dual trace scope, and then feed in an audio signal in to the FM xmitter one channel at a time.
I try to get as clean a separation as possible with as little adj as possible (it should be close unless someone has really messed with it).
My long term plan is to build a nice little integrated FM transmitter with adj audio generator, with a 3 way switch for FM transmit on L , R and L+R. also have a audio only out, that way you can hook up the audio out to one trace and compare to what is being decoded by the mpx one channel at a time. Vary the audio up and down the spectrum.
Of course using a rat shack cheapo xmitter is prob the big problem but still sounds like an interesting DIY project.