The leads on my multimeter are 0.2 ohm. That's greater than 10% of the resistance of a low ohm atomizer. Measuring the resistance of my inline meter, I get 0. Of course, that's using the same cheapo multimeter and subtracting the resistance of the leads. All meters will draw some of the power from the tested device across some resistance to determine the output. Yes, some of that for the inline meter has to be used to run the led. Something in the order of .005 Watts. So, negligible. Also, the connectors will add negligible resistance unless they're corroded. The wires will add negligible resistance unless they're super long, then they may add some capacitance. Negligible in this case is < .001 ohms.
What I'm saying, in a nutshell, is that the inline meter should be more accurate than your idea due to the resistance of the leads. If you use a break out box, like you're suggesting, you'll be adding as much as 15% resistance to the load, depending on the load, simply from the leads of your meter.
Sorry for the long-windedness of this post. I have a BSEE, so I do have a clue about which I speak.
@donnah - Yes, that's what I'm saying. lol