I'm wondering why conductivity, specifically. Is it really a good indication - well, I know it would be a good indication of concentration of _every_ kind of ion, but wouldn't distinguish between nutrient A and nutrient B; or then again, are you using a premix and just need to know when to add a teaspoon of mix or whatever?
But for plain ordinary conductivity, I was going to say platinum, but that two-toroid idea sounds pretty intriguing.
Good Luck! Rich