Okay -- How would a multimeter help you power up an ATX based power
supply and test each of the individual voltages without connecting the
PSU to a motherboard?
...
Not if the power supply tester indicates a problem -- If so, you're done
troubleshooting.
Short a power supply's PwrOn pin to ground even with a paper clip
(green wire to black wire). Measure voltages on any orange, red,
yellow, purple, and gray wires. Meter performs exactly what a power
supply tester would do. Some supplies require (but often power up
anyway) a small load. Any old peripheral or even a burned out hard
drive will do as a load. The tool that has numerous functions has also
done everything the power supply tester will do.
Only useful measurements are 'definitive'. "It might be" is wasted
labor. A defective supply can be reported good by a tester (see other
posts). But troubleshooting is complete only when the answer is
either 'defintively good' or 'definitively bad'. That means using a
meter. Meter is required, again, if the supply is replaced. A new
and defective supply may still boot the computer. An intermittent
created, instead, by a marginal driver on power supply controller is
still not detected or fixed. Both old and new supply were OK and that
intermittent problem still exists to cause failures again later. Just
another example of failures not detected by a tester. So the
misinformed repairman starts replacing other perfectly good parts?
Just another example of failure made more complex because a tester was
being used; because the answers were not definitive.
The OP has problems that could easily be any part of the power
supply 'system'. Which 'system' part does a tester test? Only one
component, not definitively, and not other parts of the power supply
'system'. Three of so many reasons why a tester is not useful. Also
missing are numbers necessary for useful replies. Troubleshooting
cannot be completed with the tester. Every 'fix' would only be
speculative. Meter is required to complete troubleshooting - with or
without using the tester.