You can test the FICMv with a DVM (multimeter).
Depending on which Livewire you get, the older LiveWire don't read FICMv. The new Livewire TS will read FICMv. Both model will read EGT with the optional EGT kit. Also the new Livewire TS will allow you to add external gauges like Fuel psi. You can use the search box, there are a couple of threads already about the new Livewire TS.
If you plan on running your truck hard, get yourself the EGT kit and a way to watch fuel psi.
Your basically ready to go, first hook up the Livewire to start monitoring your ECT/EOT delta. See if your oil cooler is OK.
If the oil cooler, fuel psi, and FICMv is OK, then load a tune. If anything is out of spec, replace/fix your truck.
IIRC, Quicktricks is selling the Livewire TS with unlimited custom tunes as a package deal.