Will New Water Pump be immediately damaged if Power Steering Pulley is a little tough to rotate?

Even a Harbor Freight Tool promo sale digital model will measure ohms (resistance), ac, and dc volts. I got one and have not used my high quality analog or my fancier digital one much since.
The amps or milliamps (1000th of an amp) the meters can measure vary a lot. A cheap meter might have only a 500 ma circuit, or a 10 amp port.
I have not seen a meter that can test the Cold Cranking Amps CCA of a full battery load without an induction clamp.

Some meters also check capacitors and transistors. Those features are not normally needed for troubleshooting on 79-93 cars.
 
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They all will measure ohms. You do not need to spend a lot on one. I have 3 and use the cheap harbor freight one most of the time. I use my expensive Fluke when I am showing off. I use one with ground down nails for probe ends when I get serious back probing connectors.