I have a Radio Shack spl meter. It serves several purposes for me, but I don't think it's accurate enough for adjusting eq. Probably the cheap mic is far from flat. I got better results eq-ing by ear with sweeps and white noise.
That was back when I had a mid-fi playback system. With a good hi res system, adding a $20 or $100 equalizer plus an extra pair of cables does more harm than good, IMO.
I eq recordings sometimes in post. A dab of eq can go a long way with a tape done with cheap or badly positioned mics or a bad room. More than a dab is usually a bad thing.
Today's $20 EQ is yesterdays $1000 eq, why? Because most systems (most non-audiophile systems) are multichannel and having 3 EQs to set is impractical. That doesn't mean you can't find a reference grade EQ on the cheap. And if you think an extra pair of cables is going to harm a line level signal, god help the poor snakes that the puny mic / instrument signals were run through in the studio.
I would also argue that a dab of eq is required in most circumstances because you are not (I say this generally, it is possible you have a V-DOSC array) playing the recording back on the same type of system it was originally played on. In the studio is different, you can eliminate the need for EQ because the is no intermediary playback system, but to ask even a pair of $6k towers to play with the response of a bandwidth limited, compression horn driven concert PA is not realistic, let alone a car stereo (wait, make that factory car stereo =) There is also the compensation for the fletcher-munson curve and bring the EQ in line with a reasonable playback volume. Most music is not listened to at concert levels for home playback, so the sensitivity of different frequencies changes with respect to volume.
And about the RS spl meter, it might not be perfect, but it can be used to improve system response, it uses a panasonic omni type cap that is very flat, but very noisy. If you use a computer to feed your DAC with nice low jitter SPDIF, I would highly reccommend renting an earthworks omni, and Lunatec V3 to run a full set of tones, sweeps and impulses through WAVES convolver, you can set it up to create and inverse acoustical image of your room approching the quality of some very expensive DRCs. Then it's mearly a few plug-ins to route all audio playback through the inverse image and suddenly things become quite clear =)
peace, chris