Sounds good but you really need a max recall feature to do any tuning.
No Max recall with these. But then again it is a poor man's monitor. Make some laps with no traffic and take a peek at the display from time to time. Beats having nothing at all. And the price is good.
Also will that thermocouple work for EGT? I know good EGT sensors are expensive because they need to react fast and cover a wide range of temps.
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Any "K" thermocouple is good from -328 F to 2282 F. ... So yes, it will work fine.
The "reaction time" is not so much a function of the thermocouple (as that is almost instant), but of the electronics that reads it. In the case of these units that is every 250 milliseconds or 4 times per second.