Probably not. You can't reach enough pinch points yourself to get an accurate reading. The calipers that I use are about $200 (Lange), and I really don't think the little plastic ones are particularly accurate.
Aw! It's the magnificent leg work out lady! I was reaching for the advil just from reading your post!
I figured I was probably still looking for the magic gadget. I still don't have my heart rate monitor, which is probably a waaay better tool.