An effective TV picture calibration tool? Yes, it's called the THX Optimizer that can be found free on any THX mastered DVD or BD and is a remarkable benchmark on both standard and high definition TV's.
Moreover and as stated previously, most modern HD TV's come with decent presets and automatic settings. It's the quality of source that counts more often than not.
Conclusively: albeit an in-depth elaborate optimizer that fails in epic proportions to make a amateur an expert - it is generally a complete and utter waste of time and money. Also, for your own TV's optimum settings, try searching for reviews or forums on the internet and the best settings the expert critics applied. It's usually very little from factory default.
Stick Star Wars in and tweek away for free!