Janches et al. (2006) described a new dual-beam use of the 430 MHz incoherent scatter radar at the Arecibo Observatory in Puerto Rico. We found the technique to define the radial wind field in the mesosphere and lower thermosphere with sufficient accuracy to characterize gravity waves occurring at high frequencies and small spatial scales over an extended altitude range. The coplanar, dual-beam experiment was also designed to test the ability of the system to measure gravity wave momentum fluxes and their frequency distributions, and we report here on those results. Initial measurements were of limited duration and necessarily represent a case study, but they demonstrate the value of such measurements for studies of GW variability and large-scale interactions. Radial velocity variances reveal preferential eastward propagation for most intervals and altitudes, with the greatest propagation bias at lower altitudes and later times on 11 September when strong westward mean winds favor strong gravity filtering. The momentum fluxes observed during this experiment had ~50-min averages that were often near zero, occasionally achieved amplitudes of ~20 to 50 m2s-2, displayed significant consistency in altitude, and exhibited an approximate anticorrelation with the zonal wind field in cases with significant momentum fluxes. Frequency spectra defined the major contributions to the momentum fluxes, while S transforms were employed to examine the temporal variability of the GWs and momentum fluxes in greater detail.