Timing light troubles.

Hi folks, Im not shure where this shoul go so Ill post it here.

My old 1960s Sears timimg light seems to be on the fritz.
Im not getting.any flashing at low RPM, only when I goose the throttle do I get light..

Im thinking of buying a fancy fangled new light and want to know your thought on them VS the old standard lights.

Heres the light im considering.
http://www.oreillyauto.com/site/c/d..._3506&keyword=timing+light&pt=N0665&ppt=C0103

Are these fancy lights worth paying 3 times the cost of a standard light?

I like the fact that it reads RPM and can set total timing, is this considered a "dial back" type light? This will set total advance correct?

Any thoughts/ opinions would be great.

Thanks again.