I JUST went through this.
Found a DMM, Vichy model VC-99. 29.00, with another 75, calibrated to NIST traceable blah blahs.
Cool thing about that one is, it measures C up to like 100 uF. And it's NOT that far off. And has a thermocouple. Measures Freq to 40 mhz (but that's a joke, as it's only going to give you 40.xxx mhz readout, IIRC... BUT, it can tell you if something is live with HF energy or not, and at 29 dollars, if you drop the thing from the tower, WHO CARES!!!!!). NICE big readout, too. Probably not going to take the place of my Fluke, but this is the only meter I'm using on the bench now. C, V (ac and DC), R (up to hundreds of Mohms), F, Hz, you name it, the meter will do it.
Then, Almost All Digital Electronics for a 3 ghz freq counter as well as the ubiquitious LC meter. Can't beat the service or support, and a freq counter for 100 dollars that reads out to a Hz, isn't a bad deal.... Specially when it reads to 3 ghz. And it's SOLID as a rock. He also makes kits to do digi readouts for boat anchor equipment, so I'm sure Neil isn't an unknown around here. His LC meter as well as the freq counter, solid pieces of equipment in my book.
For a dummy load, I have a B & W with a built in wattmeter. It tracks almost EXACT to my Bird 43, so I only use it. Has a thermo warning on it, but I've shoved a 900 watt carrier into it for > 2 minutes with no problems. Still checks out at 50 +/-j0 with the VNA.
VNA = MFJ. Works for me, has a few limitations, and I've found where it reads to within 10 percent on L and C.... Make your readings around 4.0 to 4.8 mhz, and you will be within 10 percent. I've found LOTS of people saying their MFJ is "out to lunch" in comparison to LC meters, but I've found it to be within 10 percent AT THAT FREQUENCY!!... And this is with more than a couple Caps I've checked.
My bench thus far, about 500 dollars, depending on what you consider "preexisting". I can measure accurately to 3 ghz, measure L and C,measure Frequency, and measure all that a VNA will give me. I can build linears, oscillators, etc.
Oh yeah, I also have a Simpson VOM (fet input) that I use on my HV probe. I've got to order some new HV resistors in it to match the DMM's I've got.
An audio amplifier is a good thing to have. One with a high impedance on the input (no loadin them tube stages down, OM) is good to look at. Radio Shack used to sell one that had a 15 watt (IIRC) amplifier in it. Nice, high impedance, enough balls to blow the 3 watt speaker out (but, had an output jack, I think). I've also built a nice desk amp out of a TDA device. About 10 dollars got me about 8 watts RMS output (how come Audio has RMS output, but RF doesn't?
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My next move is a scope. Still debating on digi or analog, but I'm fairly certain I'll go analog.
Anyway, that's what I purchased. I'm happy with it, and have already recup'ed all my money back, as I fixed an amp and an HT that had been buried under water for quite some time. The HT worked, but as soon as I got the freq counter, I discovered it had a -2.5 mhz offset! Then, found a bad cap in the Henry 35 watt 2 mtr amplifier. Fixed that, keyed a local repeater WITH THE DUMMY LOAD!.. All happens for a reason, though.. That enabled me to meet the people that tested me for general... And my friend!
Oh yeah, also enabled me to fix the legal limit HF mobile amplifier. 16X2879s, biased AB, 10/15 meter filtering in it now (working on other bands). It does 40-10 full Pout, reduced on 80, never tried 160. Supposed to have 1200pF across each output xformer, I found two caps measuring in the uF range! 4 that measured BELOW (by more than half), and 2 that measured on spec. 85 watts PEP in, 1400 watts PEP out. Need antennas, as the screwdriver I have will only handle 125 to 200 PEP....
Hope that helps. I can provide URL's if you need. I found the price on that DMM from 29.00 to 150 dollars. The least expensive place was located here in the Bay Area of Cali.... And I got it next day. If your interested, URL's are available for the asking.
--Shane