I'm a year late to this thread... but in case someone else stumbles upon it... absolutely!! This is exactly one of the reasons I purchased Profile Prism in the first place. I wanted more accurate print jobs (and more consistent over time as equipment or ink changes happen)... but I especially needed to account for things like the color drift that happens when heat is applied to inks (for heat transfer jobs - some of which have a special yellow that is better under heat) and for my dye sublimation jobs.

It's much easier on things like jerseys and shirt, but obviously, it's not going to be possible to profile a mug or a small lighter for example. However, if you just get a couple of good "representative" substrate materials, I found that gets me close enough (and will help account for difference in inks and equipment). So I used a white poly sheet for anything that was a "hard white" style substrate, and I used a decent quality 100% poly tight knit jersey for any of my white substrates, and those two profiles were good enough. Only had to redo them when I changed equipment (e.g., replaced a printer) or changed inks (e.g., new supplier or switch from water to gel based inks).

Hope this helps someone.