I believe an OTDR will give accurate loss estimates. However, since it is not injecting a light at one end and measuring the received signal at the other, it is not measuring the loss as a power source and light meter would.
In a typical fiber circuit, you could screw up the connector on the distant end in the polishing process and not actually see that screw up with the OTDR, but you would definately see that loss if using a light meter with a power source.
Again, since the OTDR shoots the fiber from one end, unterminated, I do not believe you can accurately measure the loss of the circuit/connectors without using a light meter and power source.
Good Luck!
It is only my opinion, based on my experience and education...I am always willing to learn, educate me!
Daron J. Wilson, RCDD
daron.wilson@lhmorris.com