I use a long rod and an indicator. The coaxials are nice but the one I have doesn't stick out as far as I want. On a metal lathe they would work fine but on the small Taig based lathes like my Deluxe those beds are hard to get perfectly flat and true.
Just know that those Coaxial Indicators are Comparative Indicators, meaning they are good for centering but will not give an accurate measurement if you wanted to determine say how many thousandths a step is. You know this by the lengths of the various probes. Mine has a 1/2 dozen diff. length probes. Obviously, the Longer probes will move the dial more than the shorter probes on the same step. Probably one of the probes is fairly accurate, just use Jo Blocks to determine which one.
Axial Centerlines are Axial Centerlines, no incremental measurements needed for that. If it's different with a long reach than a short one there are more problems to be dealt with.