Check out the new version of this tool at: http://www.thingiverse.com/thing:1982686
The new version is easier to measure, and the new spreadsheet will account for both shrinkage and radial compensation error.
I've started using this thing to work out how much my materials are shrinking.
I'll run this part first on a new type of filament, plug the results into a google spreadsheet that averages out the error a bit, and get a scaling factor for my slicer (S3D for me) for all future projects that use that filament.
You can infer from the measurements where scaling is the issue, and where over/under extrusion is the issue, but I pretty much just use this for scaling.
Edit: Here is a sample of the Google Sheet shown in the images:
Whatever you will be printing at.
Shells=however you print. Infill=doesn't matter.