Alignment of the MSX is off, but the IR is obviously correct. So, yes, you can easily use it with components on a PCB (I have both the lens adjust tool and the ZnSe tool).
Adjusting the lens is the best option if you want accurate readings since you aren't adding an attenuator (the ZnSe lens) in front of the stock lens.
Adjusting the lens will easily allow you to measure down to 0603 size components which should be more than adequate. This is THE reason I purchased the E4 (mod to E8). Works great.
I've posted pics before of PCB measurements in the huge E4 teardown thread, but here's a few to check out. First pair is finding an internally shorted cap (IR image and one from a camera for reference). The cap is 1210 sized.
The 3rd pic is a different board. You can see the 0603 size components (3 in a vertical row), just to the right/below of the SP1 marker.
The key to taking good pictures with the closeup adjusted lens is to have a holder to be able to move/set the E4 in the correct position. Hand hold is not as easy due to the depth of field and the holder allows easier monitoring and taking of multiple pictures during runtime.
cheers,
george.