I can't think of a reason that it would not work with film... okay a specific film / camera setup, but if you have one favorite film, body, lens... why not. --and you don't have to have a Sekonic meter to run the analysis... the DTS can be down loaded from the Sekonic site and if you have one of the supported color targets... that's all that's needed to create the graph. With film here is the scanning factor, but still... you would see the end results of a specific workflow (maybe a bit scanner centric).
When I was doing some research on this, I exchanged some tips & techniques with a professional photographer... he was very positive (read: as in being useful) about the value of seeing the clipping points on the meter. BTW, he is mostly known for his landscapes rather than studio work.
I would love to run the analysis on a digital M or even the M-Monochrom... but first I need to finish with the Canon 5DII and then a quick test with a film camera / scanner, just for fun.
Casey