Can one measure low magnitude residual stresses with good precision?
Definitely, that is one of the strengths of slitting measurements. See the measurement results in the stress relieved aluminum for a good example. There the stress magnitudes are under 20 MPa (3 ksi, σ/E < 0.0003) and the uncertainty was about ± 1-2 MPa. See also the paper by Aydiner at al. (reference) where the stress magnitudes in a bulk metallic glass were less than 15 MPa (2 ksi , σ/E < 0.0002) and the uncertainty was about ± 1-2 MPa.