I finally got the Vinyl Asylum to load. No one there seems to know the theory of operation for the Fozgometer. Many say it works, my buddy has one and it is magic, and much to that effect.
So I posted asking for how it works and got, "it works," "my buddy has one and it is awesome!"
I downloaded the (poorly written) manual from the importer. It seems that the meter will measure output in a range of 40 dB (or db as according to the manual, but with no reference to the voltage level for 0dB, completely necessary for evaluating). If you feed it a right channel only input it measures the cartridge output and indicates right channel. You do the same with the left and it measures the cartridge output and indicates left channel. Then you rotate the cartridge CW or CCW depending on which was a higher output, repeat the measurements, you either match levels or minimize the difference between the levels.
This assumes that the cartridge has perfectly matched channel outputs. It also assumes the tracks that are mono left and mono right are perfectly matched.
I think my oscilloscope test would be faster and more direct. Swap the wires on one channel of your cartridge and sum the two outputs with a Y-Adapter. Feed that into a single oscilloscope channel. If the two channels are balanced then you get nothing. Adjust azimuth and read again. This method matches the outputs or minimizes the differences between them.
The drawback with my method versus the Fozgometer is that you don't know which way to adjust azimuth. But I'm convinced it is faster than the Fozgometer. Don't forget to swap the cartridge leads back after adjusting the cartridge.