If I was going to choose one thing though, I'd go for the timer.
I have to confess to great prejudice here, being the maker of the f-stop timer and meter in question...
I agree with Mr. Brunner, the timer is probably the way to start.
It is certainly true that one does not _need_ an f-stop timer to learn darkroom techniques using 'f-stop printing', but without one the tendency is to do the old 'Oh, I don't know, 12 seconds is a bit light, what the heck, lets try 15?' and thus learn little of what is going on.
With an f-stop timer the idea of the zone system's tones hits home. You soon realize a one zone difference in tone is a 0.5 stop exposure change. And that this changes with paper grade: the same one zone change in tone is a 1 stop change in exposure with grade 00 paper and a 0.2 stop change with grade 5. And that a 0.5 stop change in exposure doesn't do much to the shadows and highlights - the zone system's tones are packed tight here - but does do quite a bit to the midtones.
It doesn't matter what exposure you have set on the timer - be it 2.1 stops or 5.3 stops - increasing it by 0.5 stops will move the average print 1 zone darker.
Burning by 0.5 stop makes an area 1 zone darker, dodging it by 0.5 stop makes in 1 zone lighter (assuming normal grade paper).
Darkroom Automation publishes paper speed charts that show the effect of exposure on a paper's zone system values. As an example, a chart for Ilford MGIV fibre base is at
http://www.darkroomautomation.com/support/mgivfb.doc
This can get pretty elaborate. As an example: You can quickly find just what paper grade to go to. If your print is dingy with a ZVIII - ZI spread with grade 2 1/2 (a 2.7 stop spread in exposure), then to go to a spread of black to white you need to go to a grade 3 1/2 paper (as this has the same ~2.7 stop spread in exposure, [2.8, the closest available]). You don't need to change the exposure because the speed for Zone VIII with grade #2 1/2 is 5.79 stops and the speed for white with grade #3 1/2 is 5.74 stops. Your next print will be just what you wanted: no test strips, no guessing, no luck needed.
If you start out with f-stop timing then you never get sidetracked into the really illogical idea of timing exposure in seconds. Timing exposures in linear seconds makes as much sense as having a shutter speed dial in linear seconds. Imagine a dial marked .001, .002, .003, .004, .005, .006, .007, .008, .009 ... .248, .249, .250, .251, .252 ... seconds on your camera. This sequence being 1/1000, 1/500, 1/333, 1/250, 1/200, 1/167, 1/143, 1/125, 1/111 ... 1/4.03, 1/4.02, 1/4, 1/3.98, 1/3.97 th of a second - with 250 clicks of the dial to get from 1/1000 to 1/4 of a second.
A shutter speed dial is one click per stop. An aperture ring is 1 click per stop. An f-stop timer is one digit per stop. For equivalent times, 2.0 stops = 4 seconds, 3.0 stops = 8 seconds, 4.0 stops = 16 seconds, etc.. Intermediate values are at 1/10th stop intervals: 2.1 stops = 4.3 seconds, 2.2 stops = 4.6 seconds etc..
Additionally, the timer makes test strips easy by timing them in equal stop intervals. It also compensates for lamp turn-on delay so that ten separate 0.1 stop steps do indeed add up to exactly the same exposure on the paper as a single 1.0 stop step. Test strip accuracy with a Gra-Lab can be questionable, and a second confirmation print is often needed for the final adjustment. Cold light heads, no matter what the timer, can be problematic if the warm-up time and turn-on delay isn't consistent.
If you are using an older timer, then Darkroom Automation supplies, as a public service, an f-stop timing dial for a Gra-Lab 300 at
http://www.darkroomautomation.com/support/grastops.pdf and a table for digital timers at
http://www.darkroomautomation.com/support/stopstable.pdf. These aids, with the paper speed charts, can get you started on your way.
As for the Darkroom Automation Precision Enlarging meter, it is the only enlarging meter that actually works: Since you need to control print exposure to 1/10th of a stop you need to measure exposure to better than 1/10th. The Darkroom Automation meter measures to 1/100th of a stop - a bit of overkill maybe, but it's the next digit down in the decimal system. The meter reads in stops, the same as the timer, so that if the meter reads 1 stop lower, then increasing the timer setting by the same 1 stop results in the same exposure. If you determine a burn exposure of 0.7 stops with the meter then this same 0.7 stops is entered for the timer's burn setting.
The meter has a special mode for using it as a projection micro-densitometer. In this case the meter's 0.01 stop resolution comes into play, with 0.01 stop being equivalent to 0.003 OD. Using the meter for densitometry makes a bit more sense than using a bench densitometer as 1) the spot size of the bench unit makes it useless for measuring 35mm or even 6x6cm negatives; 2) for photography, density in stops is much more useful than density in OD; 3) With the meter you read the real effective density - allowing for both the Callier effect with condenser Vs. diffusion light sources and the flare in the enlarging system.
Darkroom Automation still has some of the older original model timers available at a lesser price. The original timer doesn't have the newer model's memory, split-grade and setup features.
More information is available at
http://www.darkroomautomation.com/da-main.htm, or feel free to contact me at
nolindan@ix.netcom.com