You raise an excellent question...
I could look at this and ask myself...
IF my SWR is low with No modulation - what does my radio produce when I do modulate?
Which you can also look at the POWER issues too...
Does my SWR stay stable throughout my power level range?
So you'd have to do the check with Mod off and power low, just to make sure your SWR is not over 2 - if so, something is wrong and you need to look into it..
So to start, keep power and Modulation low...check and ADJUST SWR as you need to throughout the band(s) to obtain the best end-to-end performance...
- (You know the steps FWD then calibrate - switch to SWR - tune thru the range of frequencies to locate the lowest dip and try to make the dip in the CENTER or most used frequency you're going to use tune whip accordingly)
Then increase power - and remember your Forward Settings need to be properly set too - otherwise you can mis-read the SWR reading you need to look for and possibly damage the meter if you put too much power thru it in FWD setting with the Calibrate knob too far open (low resistance rotation setting) and causing overswing and damage the coil or jewel movement or the sensor over range and damage the input electronics from excessive power - (Rare - but that is possible).
Now for your quality of output check - you should try this with some modulation - so you can even verify the radio is not producing harmonics with your modulation "spurries" - you'll see this on your SWR side of your readings. Even adjust FWD when you modulate (to make sure your PEAK Envelope (not just PEP - all power inclusive) settings are properly calibrated) and switch to SWR and validate your harmonic output is low and you're not generating spurries - How do you tell? By the extra SWR increase as you modulate even with the FWD peak settings properly set. How? - because your ANTENNA is mis-matched on the 2nd Harmonics and above and you see that in your SWR (reflection) readings.
If it's excessive, you have to address it where it won't damage your equipment..