yeah, setting the meters is simple. There is a second part of it where you push the amp into clipping to verify that the clip indicators work, and then you drop it down 20db and verify that both meters agree. You don't need a load on it either, just a voltmeter and/or a scope.
For what its worth, both the 700-II and my Pro with the same meter board had no issues with the clip indicator or the -20db agreement.
The wiring in that looks worlds better than the stock wiring. Just out of curiosity, has anyone done noise measurements of a stock one, then again after making the wiring less of a Charlie Foxtrot with stock boards and such? Makes me wonder if there is not room for improvement just by making the wiring less messy than it left the factory. The AC mains wiring in particular seems very poorly done.