If you really plan on doing this for a living, the OTC genisys with the o-scope & 5 gas modules are nice. It's a little pricey, around $8-10k.
http://www.autoenginuity.com/ has a nice pc based scanner. But the data provided by even the best scanner in the world is not accurate if the wiring going between the sensors and the control module is at fault. An oscilloscope and a proper wiring diagram are just as important, if not more. Vacuum & fuel pressure gauges are also usefull for diagnosing drivability problems as well.
Diag is also about interpreting the data. ECT readings of -40 degrees indicate an open in the circuit. It could be the sensor, or it could be the wiring. It could even be that the sensor is unplugged. O2 sensor codes could mean a sensor fault, but more likely it is an indication of a misfire - fuel or ignition related.