Well I have some really nice Sencore meters to hand, but these are very expensive even second hand.
My best thought is of a well maintained Sprague TO-6A Tel-Ohmike.
Possibly the most cost effective, yet still effective cap tester. Cheaper meters are usually fine for measuring capacitance only, but a decent meter will show you insulation resistance breakdown etc. Measuring capacitance only isn't really very useful, except if you want to tailor your filtering slightly, or match sets of caps accurately. It certainly won't tell you if you have a bad cap or not.
A seperate ESR meter might be an idea too (the Sencore meters do it all) as this gives you further idea providing you know roughly what caps of similar value and voltage should read. ESR varies greatly over different sized caps and you need to know what range they should be in.
However, ESR is not absolutely essential as insulation tests usually show the most vital flaws, and often goes hand in hand with high(er) ESR.
I really do recommend the Sprague meter as a minimum requirement to testing the condition of caps.
Hope this helps a little (and that you haven't fallen asleep with my droning!