Hi Jeff,
Actually, I can recommend an excellent ESR meter at a good price. Bob Parker in Australia invented it, and then Vito Manuel in Portugal perfected it. Vito gives first class after-sales support. I've had it now for over 2 years, and it is fantastic at finding bad caps. Google EVB ESR meter.
Multimeter: I can recommend the Uni-Trend UT58D or UT70A - in addition to the common functions, it also has Capacitance, Inductance, Transistor hFe, Diode Test, Continuity. Good quality workhorse at a fair price. My favorite is the Fluke 187, but I had to wait for my 46th birthday, until I could justify the expenditure!
Soldering Station - don't skimp on this, this makes all your work either a pleasure or a pain - either a Weller or Hakko (my choice) soldering station. The basic model with temperature control is fine, you don't need all the digital goodies.
And always keep soldering paste (flux) on hand, for when the solder goes on in blobs. A little flux goes a long way to making clean, professional joints.
Good luck!
Menahem
Learn from the mistakes of others - you'll not live long enough to make them all yourself!