1) For modulation, don't bother with a meter. They aren't really accurate. An O-scope with a passive/inductive homemade RF pickup is absolutely the BEST way to measure accurate modulation. Seeing the waveform is really accurate. The passive/inductive homemade RF pickup can be built from scrap parts or for a mere couple of dollars if you must.
2) As far as watt meters go; I use the Autek WM-1. Pretty accurate at a fair price point. You can sometimes find them used - too. This meter can gauge the settings for a 10m/11m radio for PEP in the low scale range. This make adjusting the SSB mode ALC control as well as setting AM dead key with reasonable accuracy.
3) DMM's like the Fluke is most accurate; but others like Sinometer or Craftsman (I use these two) are OK too. Get/make some clip-on leads so that you don't cause shorts when poking around and testing hot gear. A must.
4) A dummy load like the MFJ-250X sells for ~$70 and can handle up to 3kw. But a Goldline 100w dummy load can be put in a gallon paint can filled with mineral oil and still take 1.5kw - and cost 1/3 of that - if bought used.
5) A fine signal generator is a must. This won't be cheap. I've tried, as I am a cheap Ham. Settled on a Hp 8656B for less than $300 and a real bargain if you can find one like that at that price point. Really; an important piece of gear - IMO.
6) The SINAD meter (Signal, Noise, and Distortion Analyzer/meter) can be used with the purchase of this simple desktop/laptop computer program below. Used for receiver alignment in conjunction with a signal generator. Only $39 if you let them know you are a Ham w/call sign when buying. Just need a simple audio cable (1/8" to 1/8" phone plug/~6ft long) from a computer store; then hook it into your LINE input of the sound card and then the speaker output jack on the radio being serviced.
http://comtekk.us/sinad.htm
7) A frequency counter is necessary too; I would not use the antenna analyzer as a reference for doing alignments. Probably damage it. Some of those Chinese counters sold on eBay aren't all that bad and sell for around ~$100/new. A local Ham uses one and he likes it; seems to be fairly accurate from the results I heard. However, they are only as accurate as the room temperature when using it (temp +/- will affect its accuracy to some degree) and just how well it was aligned at the factory. I have and use a Protek (Chinese) and a Hp. The counter you should look for should have a 8 or 9 place display, as it needs to be able to read down to 10hz/min. Those cheap add-on freq counters used for 10m and CB radios just won't cut it either; just not enough accuracy or places/resolution. You will need some clip-on leads terminated with a BNC connector for it too.