Yes, I can read modulation level with USB dongle and HDSDR.
Not directly, though.
For this you may use VAC - just route signal from HDSDR audio-out into VAC and then into MPX tool. Please note -
set FM-BW to 150 kHz in HDSDR as well as volume to the maximum and turn NR off. You may still need to calibrate the system as your dongle (or software) may do something to audio after it was received. I also have a modified tuner (I mean real external tuner) that has MPX output instead of line out and I can connect it into PC line-in (this also needs calibration). I got similar reults using both dongle and tuner. But correctly calibrated pc and external tuner might be more accurate.
As a guideline - most of the stations use pilot injection in the range of 8,5-10%. If your system shows something like that, you can use it for rough estimation.
Not necessarily all radio stations will use 100% of modulation (+/-75 kHz). For example, this could result from a serious overlap of many radiostations in one area. So lower deviation can be a win sometimes.
In theory if your USB dongle is not enhancing pure MPX in any way with volume set to 100% in HDSDR, it should be accurate, but you never know.
I obtained these using my dongle:
http://i.imgur.com/9RBTJiH.jpg
http://i.imgur.com/SM8tpok.jpg
As you see one used 100% another 70% sharp with similar pilot levels.
This one used about 80 something with 9% pilot injection:
http://i.imgur.com/XUkhMxk.jpg
Perhaps others (like mpex2006km, who also uses dongles) could tell you more about it.
In fact,
mpex2006km invented his own plugin for gnuradio, strictly with MPX monitoring in mind. It's in this thread:
viewtopic.php?f=4&t=5686
Regards,
Slawomir