This paper reports a refined multi-tone waveform measurement system for the robust characterization and optimization of nonlinear microwave devices when driven by broadband multi-tone stimuli. This enhanced system has the ability to present specific, constant broadband impedances, not only at baseband (IF) frequencies, but also at RF frequencies, particularly, around the carrier and significant harmonics. This functionality is key in studying the effects of out-of-band impedance termination on both short and long-term electrical memory effects. Achieving such comprehensive impedance control across wide modulation bandwidths is also critical in allowing the "emulation" of emerging power amplifier modes and architectures, and the subsequent waveform characterization of devices operating in these complex and often dynamic impedance environments. Initially, the baseband load-pull capabilities of the enhanced measurement system are experimentally demonstrated through the measurement of adjacent channel power (ACP) behavior of a class AB biased 10 W GaN HEMT, in response to a varying baseband load. Complete baseband and RF impedance control is then demonstrated through the emulation and analysis of a modulated Class-J impedance environment, which interestingly highlights the presence of separate optimum baseband impedance conditions necessary for the suppression of individual IM products.