We demonstrate the rapid optical characterization of large numbers of individual metal nanoparticles freely diffusing in colloidal solution by confocal laser spectroscopy to guide nanoparticle engineering and optimization. We use ratios of the Rayleigh and Raman scattering response and rotational diffusion timescales of individual nanoparticles to show that hollow gold nanospheres and solid silver nanoparticle dimers linked with a bifunctional ligand, both specifically designed nanostructures, exhibit significantly higher monodispersity than randomly aggregated gold and silver nanoparticles.