We do this with the race car at the end of every practice session (races have cool down laps, so the information it would give you could be false). We use an old set of race plugs to warm the car up, and change them before going to the grid. Do a WOT plug chop before entering the pits, and change the plugs back to the warm ups (after getting tire temps/pressures) on pit wall.
This only works with new or relatively new plugs and you must do a WOT throttle chop (run up to near redline, under load, and kill the ignition). Motorcycle and car tuners have been doing this for decades. We also run a wideband A/F guage, but it's only supplementary to reading plugs as it doesn't tell you the full story.
Since I don't come here a lot, I'll add that there is no replacement for dyno tuning. Get your ignition and fueling right on it, and everything else is to maintain that state of tune. Since a properly tuned race motor is on the verge of detonation, plug chops are critical in maintaining peak performance and longevity. You can see detonation on the plugs before you'll ever hear it (you need a magnified plug reader to do it right) Obviously you wouldn't run a street motor with that aggressive of a tune.
Also, unleaded fuels color plugs differently than leaded fuel.