Sure you can. Give it a try. Gain reduction is just the difference between the two traces. In Steve's screenshot he's got the scale set to LUFS; you'd probably prefer decibels. I'd also suggest suppressing the waveform display to make the graph cleaner.
If you really want to use a meter, I'd suggest getting a compact bar-type meter so you can position one directly under another. I had a compact bar-type VU meter on my old computer, but I can't remember where I got it. But there are a number of free VU meters out there. The
Sleepy Time DSP one is very nice, but not very compact. The
LSR Audio meter looks great and has a peak indicator.