How close are the tolerances which you need to measure ? Are you going to be using it on a regular basis ? Do you do machining work which it needs to be used for also ?

In general the 0-1inch .001 is a very common size for all purpose work... few people can get closer than .001 on the items they are making... and that is the accepted standard for "home shop machinists"....mostly because most lathes will not hold tighter than that.....due to the head bearings/ the alignment of the chuck... and flex of the tool and carriage......

Harbor Freight has 0-1 , .001 dial indicators on sale now in Austin for about $7..... so I picked up an extra just for grins.... but my Mytutoyo (spelling?) cost about $18 and the magnetic holder about the same...Just be sure they are AGD ( or something like that certified.... I don't know of any that are sold which are not.. but thought I would mention it... the Harbor Freight are also...

I am not sure which measurement you are wanting to check... are you going to chuck it up.. or measure it on the spindle ? I think technically , to be correct , you must take out the bearings and hold it tight on a good tight bearing head...

some of these measurements can also be made with an actual straight edge and feeler gauges.... or with a jig held solid and the wheel rotated under it using the feeler gauges... cheaper but not as much fun as the dial indicator... If you measure with the tire and wheel on you are measuring the combination of the bearings, the rotor, and the wheel....

Check out the Bass Tool catalog from the guys in Houston... and the Msc catalog for comparisons....

I will correct the spellings and abbreviations in this when I can find the info...