Condition Based Monitoring (CBM) is a growing trend in the industrial world, rightfully so.
In regards to your question it will definitely narrow down the metallurgy to a specific component of the machine which can be scheduled for inspection. However, this is not a program you can just jump into and expect immediate results. Many steps must be accomplished before you can rely on the results you see from oil analysis.
I have been working on implementing a CBM program in a paper mill for the last eight months. My first suggestion, “YOU MUST FIRST ELIMINATE ALL VOLUNTARY CONTAMINATION.” Contamination is easiest and cheapest to control starting at the source. First, open oil cans should be eliminated. I did a particle analysis on several oil cans I found in this mill and none were lower 22/19. We were contributing to contamination by topping off the oil level. You must filter all oil from your supplier prior to usage. Ensure you are properly storing your oils. Install a header pipe with desiccant breathers on all oil drum vents. You must ensure no contamination can enter a system. This particular mill did not even use breathers on any gearboxes or reservoirs. Therefore, you must check these types of systems and make any corrections. Oil analysis particle count results (at this site) on gearboxes that used goose neck pipe for vents averaged 23/22/19. Industrial average is 18/15/12. Breathers were installed on all systems.
By eliminating voluntary contamination, we can gain an average life of over two years per gearbox. By documenting voluntary contamination & the costs associated with equipment repair due to contamination, I have secured funding to go full bore with CBM showing over 200% ROI in one year.
My point, you must eliminate all voluntary contamination to assure accurate oil analysis results regarding wear debris.
Jim