i too have the $10 soddering iron .. of course i almost burned down my garage w/ it
+1 for heat shrink
+1 for multi meter
i also bought a package of cheep aligator clips and made wires with clips on both ends .. it enables you to clip one end to a know ground and only deal with the other lead got them for less than $2 at rat shack
+1 for small butane torch iron for heat shrink
+1 for thinnest sodder /w resin core