Its useful. Its doable too. You can roll your own (build your own target). Do you have a Spectrophotometer to read this in? And how do you want to trend all this. You could also use something like Chromix’s Maxwell.
If you have ColorThink, you can build your own reference files from targets you build, use it to do the deltaE analysis (expected versus measured color). So yes, there are options but you need to define just what you hope to accomplish here.