Can one use Fusion Assembly Bind Failure Logging Tool for Web Apps?

Can one use Fusion Assembly Binding Failure Logger for logging assembly loading for ASP.NET web applications?

I'm getting this failed request error when redirecting to an ASP.NET 4.0 web application:

Warning 54. -MODULE_SET_RESPONSE_ERROR_STATUS
ModuleName IsapiModule
Notification EXECUTE_REQUEST_HANDLER
HttpStatus 500
HttpReason Internal Server Error
HttpSubStatus 0
ErrorCode The specified procedure could not be found. (0x8007007f)

I've read that 0x8007007f means FileNotFound.

I'm guessing that means IIS couldn't find an assembly\dll.

So I'm hoping Fusion will help me see which assembly is not loading.

If I can use Fusion for viewing web app assembly loading, is the setup the same as for regular apps?

Thanks, Ed