Gages are primarily used to measure the pitch diameter of the thread, in addition to other tooth geometries. What is of greater importance however, is the concept of interchangability between box (i.e. nut) and pin (i.e. screw) in a large manufactured run. Variablility of threading tolerances removes the necessity of matched box and pin sets when left ungaged.
Gages typically come in sets: Plug for box and ring for pin measurement. Typically a "GO" and "NOGO" plug/pin can provide the machinist with limits for acceptablility of threading. You need both to completely gage the thread.
Personally, I prefer the three wire measure, then use the pin to gage the box. This provides almost 83% accuracy and interchangability between box and pin threads in a manufactured at a fraction of the cost.
Kenneth J Hueston, PEng
Principal
Sturni-Hueston Engineering Inc
Edmonton, Alberta Canada