Dial indicator, do I need to have one?

[Batmanacw]

You can fabricate a simple mount for a dial indicator to clamp into your tool post that will hold it on center for checking run out. If you have a friend with a 3d printer its really easy to find different designs.

I milled a indicator holder for my lathe quick change tool post that fits on like any tool holder.

 

[cathead]

A dial indicator is a very handy tool. Even an inexpensive one would do the job to start out, maybe a mag base as well.
You can survive a long time without a Noga although the thought has crossed my mind.

I use 4 jaw chucks exclusively so happy to have several indicators.

 

[projectnut]

As mentioned, a dial indicator is necessity if you intend to do any serious lathe work. As for the style of holder I think a magnetic base is more than sufficient. I use them for indicators on the mill, surface grinder, and lathe.

Rather than buy an unheard-of brand indicator I would check out the listings on eBay. Over the years I've purchased several excellent quality name brand ones there at prices at or below the asking price of the one you linked to on Amazon. In time I believe you'll find you need more than 1 indicator, especially if you intend to work in both metric and imperial measurements.

I now have well over 2 dozen indicators and close to a dozen stands in the shop. Imperial indicators include ones that measure in increments of .0001", .0005", and .001". The higher resolution ones have a smaller measurement range. The lower resolution ones have a measurement range of up to 2". The higher resolutions are used for more precise measurements while the lower resolution ones come in handy when needing multiple diameters on a single part.

Metric indicators include ones that measure in increments of .002mm, .005mm, and .01mm.

Here's a picture of some of the indicators in the shop. Since this was taken, I have acquired a few more metric ones, and a few more magnetic bases.