Yes that is correct. You will either need 2 gauges a high pressure and a lower pressure or a digital gauge do you can get accurate reading for the charge pressure. You will also need an 7/16-20UNF adapter to connect to the test ports. The manual details both tests and you must be careful not to engage the HST while the low pressure gauge is connected.
My setup is a 5' 5000 PSI hose (burst is 20,000 PSI) with diagnostic quick coupler (not cheap). I got 2 gauges 0-6000 PSI and 0-500 PSI both with quick couplers. I got a 7/16-20UNF to 3/8 JNI but you can substitute for what ever is convenient to connect to your hose.
Today I bypassed the oil cooler with no joy (thinking it might be the restriction). I was able to test the pressure before the HST filter. This test setup is a bit trickier with the hard lines and all. The pressure here is much higher (over 250 PSI @ idle) indicating the filter may be the restriction for me. I am not say this is the problem as I have already changed the filter.
The low charge pressure may not even be related to the squeal but how can you look beyond an out of spec charge pressure. If you google HST charge pump and read you will see how important it is to a closed loop HST system. Here are some links to articles but there a many more.
Correct Charge Pressure Setting in Closed loop Transmissions
Hydrostatic transmissions
And this just for fun...
Troubleshooting Hydraulics