Yes, that is an excellent way to determine the condition of your cables, relays, terminal blocks, internal panel wiring, and CT's. I have done this many, many, times and it has been scary every time, even though I open trip paths and trip cutout switches. The most common problem I encountered was defective direct burial current cables. We do this when we do our relay maintenance, which we do on a 10 year schedule, but most of us think that is too long. I think 5 years is about right. Doing this test is facilitated by having the one ground clearly marked and on a stud or terminal so that it can be removed without disturbing the rest of the circuit. Since I am now retired I can't remember what our standards for the meggar readings were, but they generally run pretty high for a good scheme, better than 50 megohms. For anything less than 1 megohm you need to give it prompt attention. I found one a couple years back that varied between 50 and 100 kilohms. I was afraid to put the ground back on so left it off until we could replace the cable.