A novel fast-scanning Fabry-Perot spectrum analyzer is presented that uses substrate-based, wire-grid polarizers as the reflectors. One improvement over previous designs is the continuous tuning of the reflectivity, and hence spectral resolution, via the angular orientation of the wire-grid axis with respect to the incident polarization. Another improvement is the ability of these polarizing reflectors to approach near-zero separation, allowing for fundamental-mode operation without frequency ambiguity below ~1.0 THz.