As long as your contactor cuts out at the right voltage, I believe your charge method will work fine. My guess is the lithium will consume the majority of the charge current due to its lower IR.
http://www.powerwerx.com/digital-meters/doc-wattson-meter-dc-inline.html
I ended up finding one on eBay a while back, for slightly cheaper. If you google it, there seems to be more online stores carrying them now.
Not sure what you have in mind for meters, but I have one of these Doc Wattson Meters, and its pretty neat for the price. It doesn't log, so you have to manually record data at regular intervals. But for tests like this, you'll probably be monitoring it anyway.
http://www.powerwerx.com/digital-meters/doc-wattson-meter-dc-inline.html
I ended up finding one on eBay a while back, for slightly cheaper. If you google it, there seems to be more online stores carrying them now.