Mother Hold the Candle While I Shave the Chicken's Legs is my favourite test piece, but to fully explore the sonic possibilities of a new instrument I usually run through the Mason's Apron in the style of Barney McKenna, finishing with The Flight of the Bumble Bee.(I normally wake up at this point.)
If I'm trying out a guitar, and not a Bombarde or Ocarina, I play Planxty Irwin, The Siege of Delhi, and 'The Athol Highlanders' in open G tuning.
Fanny Power by good old Turlough is a great tune played on any instrument. I'm not surprised its been adopted by so many Women's right's movements.