The block test kit will tell you if the HG is blown.
A leakdown test will tell you where it's blown, and if it's not a HG problem, it will tell you if you have other sealing problems, although it can be difficult to tell exactly where they are. People say/write that when you hear air coming out the exhaust pipe, you have exhaust valve leakage, coming out the intake manifold is intake valve leakage, and coming out the crankcase is ring leakage. In reality, however, it's difficult to pinpoint the leakage.
I'd run the block test, a compression test, and a leakdown test and try to correlate the data from all three tests, much like a doctor would correlate lab tests and try to draw a conclusion.