It will do... if it can find the right exposure for a CCD-Sensor with it's very small tolerances, it will do allright with any negative film, probably slide film too. Of course, a sensor reacts a lot different to light than film, that's why it's not optimal.
When you find, that analog is the way to go for you (very probable with a M3 ), you'll get a light meter, more cameras and lenses sooner or later, but until then you're fine with what you've got.
Using the zone system with 35mm film isn't that easy anyway and it makes your whole photography a lot slower.... that's not necessarily a bad thing, but you'll lose the main advantage of that lovely rangefinder: speed of use.
With time, you can learn to simply guess the exposure and snap away happily in most situations. I needed a few weeks to learn that, but now I don't need a light meter in most daylight situations, because my eyes and brain can do just as well or even better. I just started to take a guess before looking at the light meter... at first I was off by 2-3 steps quite often, but with time my guess was spot on every time. It doesn't substitute a light meter completely and in all situations, but it makes things a lot easier.