IPM can certainly create IP SLA operations on IOS devices to measure DHCP latency and success. That said, it depends on the switch in question and the version of code it's running as to whether or not this will work.
Generally, speaking, you can expect to get the number of successful DHCP leases offered, how many DHCP request failed, and the round trip time for the offers.
IP SLA will not, however, monitor current DHCP traffic. It will not allow you to look at the requests being generated by the users or the offers provided to those users.