The
Equus timing light seems pretty good for $100. They are digital and display rpm and timing.
A Fluke multimeter will last you a liftime, but you will pay a bit more. Check out the Radio Shack meters too. I've heard they're not too bad for home use. Avoid the cheap Chinese meters. Plug the meter into a wall outlet, if the reading bounces all around before it settles down, you have a cheapo meter.
http://fiedlerh.home.att.net/