I'm using a Hanna Combo, which checks pH, temp, TDS and ppm. But it's a little more expensive, around $130. The first one you posted does all that and more.
Basically you test the pH and ppm of your base water, then add your nutrients and test again. Then add pH up or down as needed to bring it to the desired level. ppm just tells you the strength of what you are feeding, which is handy to know but not a necessity. Testing the run off gives you an idea of where your soil pH is. If you feed at a pH of 6.5 and your run off is 6, that indicates your soil pH is low. If you feed at 6.5 and your run off is 7, then it's too high.
Also, which ever one you buy, make sure you also get some calibration solution. Check the calibration before you use it the first time, then periodically to make sure it's still calibrated properly.