Using the local oscillator signal from an AM or FM radio as appropriate is an old trick. But it is mostly only useful for the RF front end. To do a proper alignment you need an IF signal and a multiplex signal at the very least. And for the best results you need an RF sweep generator and an oscilloscope.
Back in my youth on the farm, not having a lot of funds or access to test equipment, I made a "test set" from an AM/FM radio. Installed BNC connectors for the output of the tuned RF stages, both local oscillators, both IFs and and audio out. When I "moved up" to stereo I also used the 19kHz oscillator and and buffered the various outputs. I was tall corn. That is an old farm saying.
I did the same thing with a multi-band shortwave receiver so I could trouble shoot my ham radio gear.
Is it the best way, not by a long shot. Did I find it handy, you bet I did.
To do a proper alignment you need the proper test equipment. For FM stereo an FM stereo signal generator is recommend.
You post has reminded me of another thing that I did. I wanted an FM transmitter. Again faced with a lack of funds I used a radio. Added a variactor diode to the local oscillator and fed it with and audio signal. Put a piece of wire on the output of the local oscillator and wow I had a FM transmitter. Then I moved on up and added a pre-emphasis circuit to the audio path. Boy, was I ever plowing corn down the center of the row. Next step was to pull an RF transistor from another radio and add an RF output buffer amplifier to my "broadcast quality" transmitter. I was happier than a hot pig in a cold mud hole.