Yeah, I suspect it'd be fairly useless for that, but I think your reasoning is wrong.
37uH would get rendered as "0.037" mH, except it would it would be off by up to (2% of 37 uH (negligible; ~ 1uH) PLUS 8 counts (where the least significant digit here is uH, so ~ 8uH)), so anywhere from "0.028" to "0.046" mH would be reported in the case of a nominal 37uH inductor. In other words, about +/- 25% error on the inductance value. So pretty hopeless.