I've got a Fluke 87V multimeter, but that's because I play with electronics - it's definitely overkill for e-cigs. Really anything you can get from your local electronics or hardware store will be fine, and shouldn't cost an arm and a leg.
Regarding batteries, not all batteries are created equal, so we can really only speak of them in terms of specifics. I use (and would recommend)
AW IMR 14500s. As you can see from the description of those batteries, they charge up to 4.2V, shouldn't be discharged below 2.5V (I charge mine far sooner), have a 600mAH capacity and a maximum discharge rate of 8C.
Given those specs, we can crunch some numbers to find out a few other things:
600mAH = 0.6A, and 0.6A * 8C = 4.8A maximum current draw
Your batteries will come off the charger at 4.2V, so we'll use these two variables to calculate the
lowest safe resistance to use via Ohm's law:
4.2V / 4.8A =
0.875 ohms
In other words: You
can push a sub-ohm setup with these batteries, but don't go below 0.875 ohms. At 1 ohm, you'd be drawing 4.2A @ 4.2V and wouldn't be brushing the limits of your battery. I personally prefer the feel and flavor of anywhere between 1.2 - 1.4 ohms.