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I think the choice depends at least in part on what type of ignition you're running. Some of the fancy-pants 20,000 kilo-joule megawatt waste spark plasma generator combination arc-welder units don't play well with the dial back timing lights, they get confused. Dial back lights are handy, but I like simplicity and reliability too. When my chrome Sears unit was mort, I bought an inexpensive D cell powered light. I use a timing tape on the balancer. Does the same thing, and I know it's accurate.
I also like some of the combo kits in a box seen on FleaBay - older SnapOn and the like, vacuum gauge, compression gauge and timing light, sometimes these go for a good price. If you don't already have the other tools, this is a no brainer.