Why would you need to lift the series resistors? If the signals are going to/from a mezzanine board, then surely you can just inject/measure at the mezzanine connector before fitting the board?
In general, yes, you can perform functional testing on parts like this by simply applying appropriate input voltages and observing the output voltages. You could do that with a power supply, but be careful about leaving digital inputs floating. Something that can provide appropriate logic level outputs would be preferable, even just an MCU dev board with appropriate connectors bodged on.