....you can get function generators to make it to RF frequencies. ...some go to 10MHz etc. Function generators tend to be "dirtier" with higher THD, etc. They tend to have more even amplitude unless you're talking about expensive CW RF generators. If you got a FM range RF generator, it is difficult to use for alignment, unless you really know what you're doing. Suppose you set it to FM modulate: What settings would you use for modulation width? What dBm output setting do you use to measure sensitivity? How can you generate, measure Stereo MPX signals? What separation numbers could be generated from such a setup?
AM is much easier and can be done with a simpler, cheaper device (Function Generator). Generators are nice to have, but if your goal is to get into FM alignment, I'd seek out a Sound Technology 1000A. They have a great MPX generator and all of the hooks you need for FM alignment.