I've got the LM-1 and the analog gauge in my Coronet. IMO the analog gauge is well worth the $ for racing. That way, just like any other gauge, you can very quickly look at it and know if you're safe, set tape marks on it, etc. For me, seeing a digital readout of a # and trying to think about whether that's ok or not while watching the other gauges, shifting, watching the other guy, etc, is too much to do.
My analog gauge reads 1 full point lean compared to the LM unit however. This is a common problem listed in their FAQ, they say it's grounding related. I've tried all sorts of things and not gotten it fixed. Not a huge deal, just set the tape marks in a different place and make sure it stays between them.