I have a Shars co-ax that cost around $60. Works fine for me. I use it to center my rotary table on the mill. Have used a TDI with a indicator clamp on the spindle, but frankly it's a bit of a hassle to chase my face around the mill to read the indicator. Have used a mirror to read the indicator on the back side, but the co-ax is much more convenient.
There's a thread out there somewhere where the co-ax was mounted in a collet on a lathe. They indicated the tail stock spindle and outside of the ram to check for proper tail stock set over. I haven't done that, would be a little worried about the error in my collet.
The co-ax isn't a necessity as toolroom noted above. Unless you are really finicky for accuracy and really hate stuff from overseas, get an import for under $60. Or, shop on eBay for a Blake which will probably run $150 or more.
Bruce