I actually *have* tested a green and two reds and my 445nm blue. The green specced out to be about 137mW, which makes sense for a cheapy Rayfoss 200mW laser.
The red which was running at 380mA (Aixiz acrylic) was at around 150-175mW, the red running at 434mA (Aixiz acrylic) was around 200mW or so.
Overall, I think the paint I chose was a good choice - pretty accurate for all of those.
For the 445nm... I think the diode died (got a reading of 500mW at 900mA), but there was also some burning earlier and I think I damaged the diode (some emitters broke).
EDIT: And regarding calibration, there are two trimmers on the board and one trimmer on the voltmeter panel. The trimmer on the voltmeter panel, I'm pretty sure, is a calibration trimmer (for determining the ratio between input and display voltage), one trimmer on the board is for zeroing (setting the output voltage to zero when there is no input voltage) and another trimmer on the board for calibration as well. So I just played around with them until I got it to be semi-accurate.