No one has really addressed the original poster and his specific level in question.
I'm not a table mechanic, but I have worked as a machinist for a short stretch. There are two classes of machinist levels in the Starrett catalog.
The Master Precision Level, No. 199 has a graduation of .0005 inch per foot.
The Machinists' Level, No 98 has a graduation of .005 inch per foot.
The 199 is used for the most precision possible in setting up machine tools, such as lathes and mills. If you tried to use this level for a pooltable, you might end up chasing your tail.
I believe most pool table mechanics use the 98 series level. They can verify that for you.
A little more about the model numbers, as I have the Starrett catalog in front of me right now. No 199 is a 15" long level, and only comes in that one length.
No. 98 comes in 4", 6", 8", 12", and 18" lengths. The model number changes to 98-4 for a 4", 98-6 for a 6", etc.
So do a search on ebay for Starrett 98-8 if you want the 8" level.
The import level in your link is similar to the Starrett 199. If you choose to go the import route, you want one that is similar to the Starrett 98 series.
I personally have an import No. 199, like shown in your link. The quality actually looks quite nice to me. I used it to help set up my machine tools, and didn't feel the justification to go the Starrett route.
As a summary, the 2 graduation ranges for these levels are .0005" per foot, and .005" per foot. Make sure you read the specifications of the auction so you get the right one for your needs.