Yes you can drop the valve a bit (after removing the spring) and wiggle it with a dial indicator set to record lateral movement. Depending on OE wear limit specs the measurement should probably not exceed .006-.010". Keep in mind that this test will typically show more than actual clearance since you are tilting the valve stem relative to the guide.

A new valve guide should be very snug (actual clearance of .001 to .0015"). From a practical stand point you can just wiggle them and tell if they are excessively worn. If they have more than a barely perceptable amount of play, they are worn.

Duke