I would assume you know this by now with any experience, but don't be sucked in by the notion of cheap alligator leads. Spend for quality, you will use them CONSTANTLY and any poor connection in them will wreak havoc on all your readings. I've had mine so long I forget what brand they are, but they're good silicone wires and clips.
I can't recommend much beyond what's been said, but I have experience with stuff. I've had a 3rd hand I built myself years ago and it works fine, I just bought this Lisle thing for working on cars/bikes/whatever. It's magnetic so I can stick it to stuff for convenience. Probably not what you need at a bench.
http://www.amazon.com/gp/product/B001C6NJOA/?tag=atomicindus08-20
I bought this bench iron after a lot of research:
http://www.amazon.com/dp/B00BSW69LI/?tag=atomicindus08-20
Some people complain because of it's COO, but it had great reviews so I gave it a shot. I use it constantly and haven't had an issue yet. It did arrive with the heating element destroyed, but the company replaced the entire pencil for me, no hassle. I bought it when it was ~$65 and for the price you can't argue. It comes with a bunch of extra size tips, an extra heating element, a nice stand, etc. It has a lot of great features, heats up super fast, all what you'd expect from a bench iron. I don't know how I lived before it.
I had a very old 12V DC supply I got from my dad years ago. One day I tested it and it was putting out something stupid like 18V so I scrapped it and bought an Electro Industries Digi 35A.
http://www.electroindustries.net/specifications.php
I know you said you can't afford one, but this thing has been solid as hell for me. I've owned it about 9 years now, no issues, and I got it on Ebay brand new from a reseller for about $45 at the time. They're still ~$100 now and worth every penny. That's for the 35A though, you could choose what fits for you.
Lastly, take this for what you want. I just bought this meter:
http://www.garagejournal.com/forum/showpost.php?p=3935834&postcount=73
I asked a lot of questions, talked with a lot of people and looked at a lot of options. That Snap-On is made my Test Products International and they do much more than most standard meters while still having the fine resolution that people expect only from Flukes. I won't lie, I've only had it a week but my point is this - I got it for $94 shipped. For some reason this meter is not very common on Ebay, so they usually sell for about $100. If you want a meter that will do all sorts of high end stuff, but only want to pay lesser meter money, this is hard to beat. It's $450 new from Snappy, $250 new from TPI (same meter), or ~$100 lightly used on Ebay (mine was in brand new condition, leads still sealed in their package). You may have to wait a couple weeks for one to show up on Ebay, but look at sold listings - they usually go right at that $100 price when they show.
Best of luck with your new stuff!