I do that! Really works well. Another good method, if you're out and about without your camera, is to use the camera on your cell phone. I do that alot!
Sherry
I have often heard to photocopy your fabric in black and white to see the value changes.
I don't have a copier at my house, but I do have a digital camera.
lay out all your chosen fabrics
set the digital camera on black and white and take a photo of your fabric. this will let you instantly see the values of each fabric in relation to each other.
If your camera doesn't have a black and white setting, take a color picture, transfer it to your computer and use your photo editing software to change it to black and white.
I have even done this with quilts so I can see the value changes.
hint - you can also use your scanner to scan your fabrics into your computer in black and white to see the value.