The Velodyne SMS will only measure up to 200hz or so, which is great for setting up a sub, but it is very important to measure the whole system's response for a full picture.
The test tone CDs + SPL meters will only give you a few points on the chart, which is certainly better than nothing, but a very rough estimate at best.
Your best bet is to get a calibrated microphone (+ mic preamp) and use it, in conjunction with software like TrueRTA or roomEQwizard. With this approach, you can measure the whole system's response, and be able to answer important questions that both other approaches will not be able to.
The test tone CDs + SPL meters will only give you a few points on the chart, which is certainly better than nothing, but a very rough estimate at best.
Your best bet is to get a calibrated microphone (+ mic preamp) and use it, in conjunction with software like TrueRTA or roomEQwizard. With this approach, you can measure the whole system's response, and be able to answer important questions that both other approaches will not be able to.