Sure, it will give you rapid feedback on your ability to compete with other AdWords users. Here, I'll give you rapid feedback, too, without seeing your campaign: your campaign is terrible, compared to every other actively maintained AdWords account. That's harsh but its about as accurate as the feedback you'd get from analyzing your AdWords stats, and it has the bargain of not costing several hundred or thousand dollars to figure out.
Note that it is not exactly easy to read the AdWords tea leaves without both AdWords experience and experience in the particular market you're trying to read. If I posted my AdWords stats for the first six months, would you know how to go through the virtual squid ink of metrics to figure out whether or not those results were good? Off the top of my head, I'm pretty sure I had a 1.8% CTR at one point. Is that good, bad, or irrelevant? Here's my answer: depends or irrelevant. That is my answer for almost all AdWords metrics with the exception of CPA, and if you are actually selling something already you're pretty much outside the scope of this discussion, aren't you.
I had a profitable business for a year and change, using AdWords the whole while, before I figured out how to use AdWords in a manner that effectively advanced the business goals relative to the time I spent on it.
Let's say you even have AdWords experience - if your new idea is in a different realm to your experience, you still won't be able to interpret data meaningfully; if your new idea is in the same realm, then you should be meeting a known need not relying on AdWords to tell you whether your idea is shite or not.
I guess an alternative solution would be to build some content, just release early and use this as a way to test it (because of the metrics AdWords provides) before investing additional resource in the project.
Which basically means that unless you can create a viable product with minimal input, this tip won't help.