Is there a way to show distribution of UVs as a heat map? I was wondering if there's an option in blender like that of UV unfold, to be able to see a "heatmap" for UV distribution like red for stretching and blue for too close UVs. I am quite clear of the workflow in UV editor but this is something I have not come across, I know I can apply the checker, but this is more computer displaying the stretching which I think is a handy tool.
Yes there is an option to display UV distortion.
In the UV/Image Editor while in edit mode hit N button to display properties panel and in Display section enable Stretch.

Select Angle to display angular distortion, or Area to display area difference between the UVs and the 3D faces.