Bruc3 It will do the job but it's longevity and reliability will definately be questionable in my experience cheap multimeters are a false economy.
Try Maplins they have a slection to suit all budgets and I would definately go up a price band or two not for more features but more for accuracy and reliability/robust build quality £20 is a better starting point but if you want this tool for this job only (doing your loom ) it's worth the punt
Radar