You really don't need install the Bomb Factory Essential Correlation Meter as it comes installed with Pro Tools and can only be used in Pro Tools. It is designed to help you fix phasing problems as a visual meter. There aren't any parameters to play with in this plug-in as it is a simple meter. A manual definitely isn't necessary and I'm not even sure if they make one for this as there is nothing that you can do to it that it won't do on its own.
While I don't use the Bomb Factory Essential Correlation Meter all that often, it is nice to have it in my plug-in collection for times that it will come in handy. I usually check phasing by ear, but sometimes if I'm not exactly sure what it is going on I will use this and it usually does the trick. I am currently running the plug-in on a Mac Book Pro laptop that has a 2.2 Ghz Intel Core 2 Duo processor and 4 GB of RAM. I run it in Pro Tools LE 7.4 that runs with a Digi 002R audio interface and I've never had any problems using this within this configuration. Pretty much no matter what type of system you have, as long as you can run Pro Tools on it you will be able to run this plug-in on it. It just doesn't take up much processing power at all.
I've had the Bomb Factory Essential Correlation Meter since I got Pro Tools LE a few years ago. If you have this plug-in you probably already have this installed, but if you don't you can download this and the other plug-ins in the Bomb Factory Essential suite for free on Didgidesign's website. While this isn't a plug-in that everyone will use, it is always good to have as many metering options as possible as you never know when you will need it. Overall, we really can't complain too much about the Bomb Factory Essential Correlation Meter as even if you don't end up using it, it's free!