I would guess that if they were a well established band, they'd have some preferences for photographers and you wouldn't be it if he didn't know you previously. I suspect it's probably a small start-up artist with no established history of success yet. You could say it's one price if they make less than X-thousand CDs (and related promotional materials), and it's an price if they hit it big time (which is statistically a lottery ticket).

More important than your equipment and light meter is to communicate and converse with the client to help figure out what they want. Go over some of his favorite album covers to see what he's after or wishes to depart from. If he's not learned in visual arts, he probably can't concisely and clearly tell you what he wants, you'll need to work it out of him before taking photos. Outdoors, a minimal lighting choice is a reflector kit (westcott 5 in 1 reflector is what I have) and a volunteer or tripod & tape to hold it in place. Completely wysiwyg outdoors, unlike fill flash on film.