Reddit reviews Velleman VTSS5U Low-Cost Soldering Station 50W 150-480°C

Well, if you can use the lab and it has a scope in it then you just scored big time.

As far as $100. I would get:

(amazon links for convenience, use any supplier you wish)

• DMM (digital multimeter) - must have diode check, DC volts, AC volts, Ohms, and continuity. Extech EX330 ($50) or Equus 3320 ($20)
  
  
• clip leads for the meter such as these - these are important because you will need to take values while the amp is on, and you don't want to be poking around a live amp
  
  
• variable power/temp soldering iron - cheap one good one better one
  
  
• 60/40 leaded solder - I like this kind
  
  
• desolder braid
  
  
• rosin flux
  
  
• contact cleaner
  
  
• (de-oxit d-5)[http://www.amazon.com/Hosa-D5S6-Deoxit-Contact-Cleaner/dp/B00006LVEU/]
  
  
• flush cutters
  
  
• solder sucker
  
  
• shrink tube of various diameters
  
  
• 92%+ isopropyl alcohol
  
  
• windex
  
  
• q-tips
  
  
• paper towels
  
  
• needle nose pliers
  
  
• nice set of phillips head screwdrivers
  
  
• standard screwdriver
  
  
• miner's headlamp
  
  
• digital camera for taking many many pictures before and during disassembly
  
  
• printer for printing service manuals
  
  
• heat gunor hair dryer
  
  
• canned air
  
  
  EDIT: Light bulb socket, 100W + 60W real light bulbs (not the hippy engery saving kind), electrical outlet - these are for making a dim bulb tester.
  
  All I can think of right now.

I have this Velleman soldering station and it has worked great for me. There are horror stories in Amazon's comments, but I have never had problems with temperature fluctuation and I've desoldered entire keyboards as well as assembled various projects.
http://www.amazon.com/Velleman-VTSS5U-Low-Cost-Soldering-150-480%C2%B0C/dp/B000I40HFQ/

If I was to buy one again, I'd probably buy this Weller model. It's a few dollars more, but they make good stuff.
http://www.amazon.com/Weller-WLC100-40-Watt-Soldering-Station/dp/B000AS28UC/

I would recommend against constant-power pencil irons. Heck, pencil irons in general—power cord going to the wall/a power adapter and liable to get pulled, AND no stand unless you buy a soldering station-like stand? Great way to get burnt.

If you plan on doing any serious work, especially hand soldering SMD or soldering large amounts of components and doing it well, I strongly suggeset you get one of the entry-level temperature-controlled irons from reputable companies: for example, the Hakko FX-888 or FX-888D or the Weller WES51. Temperature control is incredibly important to make sure you get the optimal joint for the type of solder you are using—too hot and it'll burn the solder rather than getting wet with it, too cold and it won't melt properly and will make poor joints.

However, if you're just getting started or just need something for the occasional repair, we use these irons (linked below) at our student society's lab for soldering tutorials. In two years of doing soldering tutorials twice a year, and having these things abused by students who have no idea what they're doing, we've only had perhaps one outright failure and one tip that oxidised and needs replacement. At $20, I'd recommend them for light work.

Two issues with it. Even with 60/40 or 63/37 solder, you have to be at least 3/4 up to the maximum power. For doing repair work, I'm not sure whether these things run hot enough to work with leadless solder, that you find in commercial applications. I've never tried with them; maybe it'd be enough to soften it up and suck it with a solder pump for repairs (use your own leaded solder afterwards), but it could be not hot enough to make good joints with leadless.

The other issue with this model is that the pen is poorly insulated, so at maximum power, it gets uncomfortably hot. Not painful or dangerous, but rather uncomfortable.

Also note that these are variable-power, but not temperature-controlled. The power dial changes how much constant power is pumped into the heating element, it doesn't specifically have electronics to maintain a set temperature.

http://www.amazon.com/Velleman-VTSS5U-Low-Cost-Soldering-150-480%C2%B0C/dp/B000I40HFQ

I was also at the seattle meetup and havee been considering stepping up my soldering game (specifically to the Hakko FX-888D that others mentioned). I'd be more than happy to give you my old adjustable iron if you want it. It isn't anything amazing (I think it is this one), but it will get the job done. I have done one from-scratch build with it, and used it to assemble my whitefox. If you want it just shoot me a message and I'll hook you up.