Yes, if you're very carefull about what you're doing, you can do this job at home with one of thoose tools. Remember that you're measuring increments of 1/32" and 0.25*. Spend the money and get the right tools, it makes your life much easier. And, I know I'v said this a couple of hundre times before - you can't do a good job with crappy tools.
I use this Fastrax gauge:
FASTRAX Gauges - FASTRAX Adjustable Caster/Camber Gauge with this Toe adapter:
FASTRAX Gauges - FASTRAX Optional Toe Adapter
You have to understand what you're doing, and why you're doing it. Take your time and don't skip any steps.