Potentially, but it is likely not as useful as you think. I assume that infernal stuff would have little to do with psychic stuff, so you are not getting a ping off of energies/imprints. So what you are detecting is likely just the history stuff listed under the psychometry occult skill unlock.
Examples listed include things such as "the historical significance or the last previous owner—such as a glimpse of the last owner’s appearance or its emotional state when it last used the item". GM discretion is explicitly applied.
So you could potentially find who the owner of the item is, or tell that the item was involved in some bad juju (simply based off what the person involved was feeling)... but I think it is reasonable for the GM to hold off any information that might mess with the campaign.
If you could find this information out anyway with proper skill checks at this point and time, then I'd allow it... otherwise, I would only give enough vague hints to leave a blaring red arrow pointing at the thing. Remember- this is a cantrip you can spam constantly- it should not be able to break a campaign.
disclaimer- I have not played Hell's rebels, and I am just giving general advise under the rules of the spell and the idea 'this is a plot important thing'.