Jack, you actually want to buy 2. A Finger type and a Plunger type.
- Finger: For truing up center, indicating along length and small height diffs.
- Plunger: to attach to lathe to see how far the carriage moves when drilling, turning, etc. Poor man's DRO
I really like the B&S Bestest. Never cared for the Starrett Last Word indicators. Mitutoyo is really nice but generally more expensive.
Here is the finger type B&S I have. Watch the one you buy. You really only need it to read in 1/2 thousandths (.0005). Its nice to have another one that reads in ten thous (.0001) or 50 millionths (.00005) but they don't have much travel (maybe .008) and you really don't need that much accuracy.... way overkill for what you will use it for.
http://www.ebay.com/itm/BROWN-SHARP...354?pt=LH_DefaultDomain_0&hash=item2c6dcaffea
Plunger type. Get one that has 2 Inches of travel. Not sure of a good recc. on this one. I've owned of these Teclocks for years and it served me well.
http://www.ebay.com/itm/NICE-TECLOC...681?pt=LH_DefaultDomain_0&hash=item19da9c8af9
Oh, when you buy one try get pick one that has as many attachments/holders are you can. I have a couple dozen and still run into situations where I want a different style holder. On the Plunger type you can buy a kit that has different contact points, these are cheap and do come in handy occasionally. Lastly, the magnetic holders won't do you much good, the Hightower lathes are pretty much all aluminum so they won't stick