It's a color meter. Way higher on your KEWL-LO-RATING chart than a dedicated spot meter! Hahaha!
Great for measuring light temp where CONSTANT (colour) light sources are concerned.
Baaaack then, the only other one worth considering was the Minolta.
I'm not sure if modern color meters are able to handle mixed light sources well, aka, the hybrids and mixed gas lamps, certain flourescents etc ... unless, this meter is specifically calibrated and programmed for such light sources.
Photographer or technician still has to use experience and discernment/testing to decide on the 'most appropriate' WB settings.
Does this meter come with a spot-measurement accessory?
Colour Meter III F
The Color Meter III F is a compact color meter which measures both ambient and flash illumination. It has a 9 channel memory and displays measured values in LB and CC index, filter number and CC index, or photographic color temperature to simplify the process of color measurement and filtration.