Hi Vish,
I am also working with this tool. So far, I see that FIDO Conformance Tool plays roles of FIDO Client. It communicates with Server to validate server APIs exposed. It also communicate with external authenticator to validate authenticator APIs exposed. So, make sure you have your FIDO server, FIDO authenticator ready to be validated.
For server validation, you need to provide metadata which tells the tool which algorithms your server supports.
For authenticator validation, here I am only using app authenticator on Android, just make sure the app is opening and bluetooth is advertising. I have no idea if you are using USB or NFC authenticator.