Just a little food for thought...the extreme localization of a PWS can help improve weather intelligence for sure. However, the downside is that the data can be inaccurate and the reporting spotty.
I would say your suggestions, temperature, and precipitation, for accuracy, is excellent and easily measurable. Another suggestion for an accuracy test would be to monitor that station this week and see if you actually experience 3 precipitation events, as opposed to the one precipitation event the airport is predicting. After which, you will know how accurate that station is and whether it's geographical location will suit your weather needs.