Previously I did suggest an interpreter but I was thinking the processor would be more powerful then a PIC.
But I am still going to suggest the idea again modified for a 8/16 bit processor but with a second element thrown in that I think makes the idea worth a look.
As much as I like the idea of an open source multimeter, I really think a quickly flexible but totally reliable multimeter is more important. I think the manufacturers probably do a decent job reading voltages, resistances, etc and I am not sure there is much to gain rewriting this. Also the display is not great for an open source design as it will have the numbers and symbols to match the factory software. Cannot go dot-matrix display as without backlight, the contrast is lousy.
However, if there is an interpreter layer between measurement and display that can be replaced, it really does give you something, especially if a NFC reader could be added near the terminals. NFC tags for under 20c can contain 1K or more of eeprom memory - plenty for a new script for the interpreter. The reason for choosing NFC is it allows passive tags - this is important.
How would this work? You could build a RF SWR meter plugin containing some balun magic and a diode rf level detector. The moment this is plugged in, the meter could read the script on the tag in the plugin, which can blank out the "V" symbol, put the decimal point in the right place, can linearise the diode reading and can include calibration data. Once this plugin works on one meter, it will work and be calibrated on every meter. Unplug it and you have a factory standard meter again. Tags could be used for quick settings - like to set the range to 40K/60K range, and to measure relative to 10K. You could have a tag to change AC volts to dB (if the meter doesn't do it already). Change Ohms to Siemens. To connect to a second meter and combine measurements. You could even have a mode that you can get the meter to write a script to set the present operating mode - three taps of the tag and the multimeter writes a script for current settings/range to the tag.
But an interpreter is a huge job? No, if you make the right choices, the main part of a fast reliable interpreter can be a hundred lines of code. Once this exists, it almost trivial adding functions assuming similar functions already exist in the meter. I have added interpreters on systems of far lower power then a typical 8 bit PIC, and I can do details if anyone is interested. I am a slow programmer and I had my first go at an interpreter running in half a day back in about 1979 on an HP 9825A calculator/GPIB controller.
This would be the first ever meter with a NFC reader to detect the insertion measurement plugin devices that are unknown to the firmware and adapt to them. This is not something that an Open Source meter can do.
One of the key underlying principals with this approach would be opposite of Open Source - the code can never do anything that can damage the meter, and since code can be added instantly, there is no need to change the factory firmware, and so no warranty is affected. Every time the meter is switched on and there is no NFC tag, it can return to factory firmware mode. It would still be a ground-breaking meter, and in a way more useful then Open Source if a rich set of interpreter functions are added. NFC tags can go to 1M eeprom, and so tags can also be used to store and transfer data.
It is just an idea. I thought it was worth suggesting, even if it is not possible right now.