A recent (2010 AD!) discussion on an Italian forum tried to answer the question: "how to measure coax cable velocity factor?" Depending on the cable dielectric and size, vf is between 0.6 and 0.9.
If you have an antenna analyzer, such as the MFJ-259, it's easy, since the device will do it for you. Just follow the instructions on the user's manual.
With a two-channel oscilloscope another comparison can be done, on two sections of the same cable, same length. Feed cables with a power splitter and observe the signal at both far ends: if waveforms are out of phase, then your two cable sections have different vf.. From this point you can use your imagination to work out other measures the o'scope can provide...