Last time i had to cycle batteries i combined a programmable PSU and programmable electronic load to do the job. The PSU had a diode in series, so that the battery couldn't discharge back into the PSU. I did actually blow up a PSU as part of that setup, but not because of the setup, it was just a cheep chinese piece of crap PSU that didn't have the cooling to keep up (despite having a fan and running it bellow max specs) so it blew its pass transistor, resulting in a but if a hairy situation but luckily i was dealing with lead acid.. lithium would have exploded. Got the money back for that PSU from Farnell since it was literally weeks old.
Tho i don't see why this instrument couldn't do all of it. As long as you put a fuse in series with the battery and place the battery in a metal bucket, it should be fine.
If you want to do long term monitoring on cells then you need a DMM with high impedance mode since even the input resistance of a multimeter can affect the battery over a long enugh period.