You can use a handheld in conjunction with GPS-ready fishfinders. Any handheld GPS unit that is capable of NEMA 0183 output will work as the 'antenna' for a GPS-ready fishfinder, you'll just need to order the right cables. That may be an option to consider if you'd like to be able to take your GPS with you when you're not in your boat.
As for the GPS, the features you'll want to pay attention to are the number of channels, WAAS capabilities, the antenna, and the mapping capabilities.
Generally speaking, the more parallel channels the unit is capable of receiving, the more accurate of a position fix the unit can give you. A 12-channel unit is capable of receiving a signal from up to 12 satellties at a time to calculate your 3D position on the globe. The more satellites a GPS unit can use to triangulate your 3D position on the globe, the more accurate your position will be. I would recommend purchasing a unit with no less than 12 parallel-channel capabilities.
The WAAS satellites provide GPS correction data that can be used to further improve your 3D position. A GPS unit calculates its 3D position by estimating the distance to each satellite based on how long it takes the satellite signal to reach it. Atmospheric changes, among other things, can affect satellite signals and how long they take to reach earth. WAAS towers positioned around the US 'know' their true global position, and use GPS signals they receive to calculate the 'error' in 3D positioning due to signal interference. This 'error' information is then relayed to your GPS via WAAS satellites. Unfortunately, WAAS satellites only orbit the earth at the equator, so WAAS signals are easily lost due to terrain obstruction. Without a doubt, though, WAAS capabilities are a must.
The antenna is probably the most overlooked feature of GPS receivers. There are basically two types of antennas. Patch antennas are the cheapest and most durable antennas, and are therefore found in most handheld receivers. Unfortunately, patch antennas require that their receiving face be oriented parallel to the ground for best results (facing the sky). More expensive GPS units, and external antennas, use helical or quad-helical designs. These antennas are far more sensitive than patch antennas and work best when oriented perpendicular to the ground, though helical antennas will work well at any angle. The downside to helical antennas is that they're generally less durable, larger, and more expensive than patch antennas. The type of antenna will influence your mounting options, and could possibly affect the accuracy of your GPS unit. I would recommend going with a helical antenna, if at all possible.
Once you've gotten all the accuracy details out of the way, the mapping capabilities are the feature that will most likely affect you day-to-day. Most modern GPS units come preloaded with a basemap, and that's it. A basemap is nothing more than an outline of prominent geographical features. Your options for upgrading those maps vary by manufacturer, but I'll only mention the more popular options. Navionics HotMaps are an excellent product with great detail in the Premium package. HotMaps are only available on SD/MMC cards, so an SD/MMC slot is a feature you'll need to consider in your GPS receiver. The downside to Navionics HotSpot maps is that Tennessee and Alabama are split onto two separate regional cards, so to get a map of both Chickamauga and Guntersville you'll have to buy two cards. The other option from Navionics is the HotSpot Elite map package, which includes the more popular lakes from the continental US, but you'll find that many lakes are missing. Lowrance currently offers decent lake data in their MapCreate software package, but the detail on many lakes is somewhat limited and outdated. Lowrance's new Hot Spot Pro maps package looks very promising, but the number of newly detailed lakes is still limited. Garmin's Mapsource and Magellan's MapSend software both offer good topographical and street maps, but both rely on Navionics HotMaps to cover their lack of lake maps.
If you're considering a handheld that'll double as an antenna for a GPS-ready fishfinder, I'd recommend the Garmin GPSMap 60csx or better. They're one of the few handhelds that offer a helical antenna, and the new Sirf III chip is extremely fast.
I'd also agree that color is a must. Monochrome is fine for finding fish, but color will make interpreting lake maps much easier and quicker.
I use Humminbird on the boat, Magellan handhelds, and HotMaps for lake detail.