yes. Potentially you can also switch the multimeter to AC voltages to check how clean the DC power is, which is not an ocilliscope and would be completly useless information if you did not have other stuff to compare to , and a load placed on the voltages. Seeing on a cheap multimeter what the DV voltage shows when switched to AC is a cheap trick that can provide minor clues to how well the cleanup curcuits are working.
Open them up prior to plugging in, and clean out the dust, check for charred components , loose heatsinking, useless thermal compounds, bulging capacitors both top and bottom. Inspect the bottom of the boards (quickly) for any charring or odd substances. Any time you open them up, you have to watch out for charges on high voltage caps, and double insure that everything is unplugged and all each time, for all that electrical safety.
I would say just immediatly replace the fan of any one you pick to use, but that is probably because I like to change them often to "better" fan items like ball bearing style, or for my prefered thermal vs RPM desire at the time. If they do not have one, adding a fan with its own thermal control could provide it thermal (and sound) control, that might improve it.
There is not much that I can think to add to what you already know. Some PSUs will turn back off again if no (even minor) load is on the 5V line. A wire is set to low (grounded to the black) to turn them on. Old ones even properly working will have aged capacitors, and could have reduced Clean output.
Many PSUs (cheaper) will vary the different voltage lines slightly when the load on the Other line changes, so it still is not a lab instrument, and you may notice those quirks when loading only one voltage down a lot.
The last thing to mention would be that there are now loads and testers that would make dealing with a lot of these slightly easier. That purchacing loads and testers that can only do so much anyway, is a lot cheaper than they were. Cheaper both ways of course :-) but cheap enough to have one hand to do what they can.
The Gray (PWR_OK) wire should be HIGH (5V) is PSU is working OK (a LED with a 220R series resistor can be used to check that). And don't forget, a SMPS should have proper grounding too. – Cornelius – 2014-11-06T17:29:54.567