>> True RMS is not that useful for audio.
> How do you measure dBu? Don't I need the rms value for V -> dBu (0.775V=0dBu) ETC?
You usually measure audio levels with a Sine wave. All AC voltmeters are calibrated to read RMS Volts correctly on sine waves.
Averaging meters work perfectly well; indeed most audio has historically been measured with averaging meters (VU).
Peak-responding meters (PPM) work fine as long as the tone does not have spikes or flat-tops.
If the tone is very UN-Sine, then we usually won't care about the "dBu". We ask about the height of the peak or the percent THD.
So "any" AC Voltmeter should do, within its limits.
As Brian says, many general-purpose meters (even good ones!) are not rated for accuracy above 400Hz or 1KHz. The only AC Volts that most electricians run into are 50/60Hz Sines. The meter should be nearly 10X better, which is 400-1000Hz or so.
And older "True RMS" techniques can be *worse* than simple averaging meters. A 9-cent opamp can give decent AC/DC conversion to over 10KHz. RMS conversion the old way requires extreme gain at low levels, and 400hz may be a stretch. Worse, the roll-off varies with level, which can really confuse some audio measurements.
> very inaccurate DMM
The $3 DMMs on eBay are reasonably accurate (until you break them). I might not trust them for milliVolts; however in a no-bucks shop you can build a 10X/100X opamp booster to bring small levels up near a Volt. You want to sweep the audio band to know of any treble roll-off.
And I've also been happy with the $50 DMMs from Radio Shack (every electronics chain has similar meters). You do still need to check for reasonable readings on low Volts and high frequencies.
Traditionally a great shop has several meters. The all-purpose VTVM reads large AC Volts great but gets cramped below a part-Volt (and often does not stay flay below 10Hz) (and was often peak-responding). For *good* AC Volts you used a Boonton or the H-P ACVM, essentially an amplifier plus an averaging rectifier which would resolve down to a milliVolt and up to 1MHz. These usually had dB scales as well as Volt scales. For everyday audio level checking we used a VU meter or a "gain set" which is a tone-source, attenuator, amplifier, and VU meter in a box.