Abiqua good questions. To get a reasonably accurate input power reading, I use the Ensupra power meter (no affiliation). I have a kill a watt P4400 also but mine doesnt measure tenths of watts (from what I have seen the 4460 does not either) and the Ensupra does. Also the Ensupra is more accurate when dealing with small power loads. I have seen a power meter for sale at Walmart for $16 but I have not tested it. Belkin has a power meter that has .1W resolution (Belkin insight) but I have heard it does not do well with small loads. The Ensupra seems to have availability problems. Here is one I have not heard of that does have a .1W resolution and is $17
Weanas Plug Power Meter
On the DC side, you need a measurement for volts (wire in parallel and mind where you tap in to the circuit, it does matter) and also measure amps by wiring in series (tap in anywhere in the circuit will give the same reading). Multiply your amps and volts to get your dissipation power in Watts.
The final step is to divide dissipation power by input power and you get a percentage of efficiency. This works exactly the same way for fan power supplies and LED drivers.
If your voltmeter is measuring phantom voltage have no worries it is normal. However, many cheap voltmeters are inaccurate because high quality resistors must be used to get good accuracy and they are somewhat expensive. I highly recommend Amprobe as an affordable but accurate meter. You can see reviews of voltmeters on youtube check EEVblog videos.