The ground monitor would not help in this situation, since it is already known that there is a problem.
However, in the future, immediate attention could be given to the first ground fault. Ignoring the first ground fault can lead to more serious problems when a second ground fault occurs on another phase. These faults can have a fairly high impedance so OCPD's may not trip and fires can occur.
There is a listed product on the market that has the 3 lights and there are more sophisticated products which provide relay outputs. I, too, prefer an audible alarm since the building occupants may not realize the dangers involved. A light being out is easily ignored, but a horn sounding is not (of course, they might fill the horn with shaving cream to quiet it down).
For those interested, here's a pair of sites to visithttp://www.bender.org/irdh.aspxhttp://www.atcdiversified.com/Diversified/GFD_series.htm