Geoff,
Yes, that's the way to definitively check the glow plugs. Watching the voltmeter drop or listening to the blower slow is just a quicky that generally tells me if my plugs are drawing significant current, before I start pulling out the multimeter.
If I'm having a hard time getting the engine to start and I don't hear the fan speed sag, my best guess is that a glow plug is bad and I'll pull out the multimeter and do the detailed checks you mentioned and look for a possible bad connection in the circuit.
If I hear the fan motor sag with the plug button pushed I'm probably going to look elsewhere first for the starting problem. I'll start with the easiest and most likely culprits, like no fuel (never skip what should be completely obvious), shut fuel valve, air in the line, clogged fuel filter, etc., moving on up to bad fuel injectors, etc. By then I've got my head pretty well stuck in the engine compartment and will probably be checking the glow plugs while I'm at it.