1) Accuracy of measurements desired ?
By calculate the difference between the simulation on spice model and the output values from the real circuit
2) Resolution of measurements, V and I?
I don't know , but could be 0.1 or 0. 01
(any reasonable value)
3) Peak, Average, or RMS of AC inputs ?
Could you suggest a AC input method, until now I don't know
4) Desired display to be used ?
16* 2 LCD
5) Input Z of meter desired ?
Expaine that point please
6) Is this a school or class project for a course ?
Project
** picture for the suggested circuit on spice program