I use two meters at once, they are Fluke 73III one has the 400A AC Fluke Clamp on it. You can use a cheap portable LCD O-Scope like the Velleman HPS10, I think you can get them for about $100 and will come in handy for all sorts of things not just setting gains, but that is one use, yes and yes to avoid clipping entirely you will need to adjust your gains properly with the scope, relying on your ears is good enough too (for most, some are more anal types and want to make 100% sure it's perfect, but as someone else pointed out here setting gains is a waste of time, it's really NOT necessary to be so anal about it unless you are a super duper sound quality freak, you can just set it by ear as long as you are experienced and have a good ear for clipping, you can also detect clipping with a DC DMM measuring the DC Volts going to your speakers it should be minimum, should be all AC if you are noticing a great deal of DC then either your meter is inaccurate or you are clipping the output signal, don't put it past your meter to be inaccurate, the only meters I trust are my Fluke meters.... have seen strange things with all other brands of meters....).
AC Volts x AC Amps = power output in watts
AC Volts / AC Amps = Actual impedance amplifier is seeing from the load at that specific frequency