I'm throwing my vote in with Susie and The Gent. The pH will not tell you if there is excess lye; it will only tell you the pH. This is true for CP soap, HP soap, liquid soap, cream soap, shave soap, etc.
Every blend of fats (actually fatty acids) will make a soap that has a characteristic pH. Olive oil soap that has no excess lye will have a characteristic pH that is higher than, say, a coconut oil soap also with no excess lye. Which soap is lye heavy? Neither.
If you make a recipe over and over again the exact same way and with the exact same ingredients every time, the pH might be helpful as a general indicator, but that's a limited case. The pH test is often inaccurate the way most soapers do it, even people who shell out the big bucks for a nice pH meter. Strips, even the good ones, are usually off by a unit or two. And phenolpthalein drops ... well, don't get me started on them.
The zap test, which has been used by soap makers for centuries, and the modern standardized "free alkalinity" laboratory test are the best tests for excess lye in soap.
If you do your recipe calculations with care (or let a reputable calc do them for you), use at least some superfat, own a decent scale that weighs accurately, and have good working habits to prevent mis-measuring, you should seldom if ever get a zappy soap. That is especially true if you wait a couple-three days after the soap is unmolded before you zap test. If you are this kind of soaper, the zap test is simply a double check that all is well, not a horrible trial to endure.