I feel that cheap Chinese calipers and micrometers and such are actually much more accurate than people give them credit for. But they are definitely more chinsy and that’s why they’re so cheap. Looking around YouTube you see people testing accuracy of many precision tools and they tend to hold up and are repeatable. Will they last you as long as a quality European, American or Japanese tool? Not likely.
I say go for it but try to get the best tool you can. Just know that a lot of time with these kinds of measuring, technique is a big factor.
To your point, Dave, a great deal depends upon how accurate your measurement needs to be. If you’re only measuring hundredths, inexpensive measuring tools can be fine. Start measuring to 4 or 5 decimals, and you’ll quickly see how the action of the tool makes a HUGE difference. Especially with micrometers. That’s also why they are typically limited to 1” spans. Gauge blocks are probably a better assessment of how accurate a tool or your technique is. But I don’t know many who own any but instead rely on measurements from their “tool”. I’d wager more than 80% of inexpensive dial calipers are off by at least 0.002 against a quality gauge block. And that adds up pretty quickly when you start thinking about it.
Oh, for sure gauge blocks are a necessity for extreme precision. Though I’ve heard even actual machinists just get Chinese made ones and they’re accurate down to tenths. Or of course go to a flee market and find an old starrett set for $3 from someone who doesn’t know what it is, haha.
As for dial or digital calipers, there’s quite a few videos (even AvE has one) where they put a Chinese one up vs a real quality one and they’re almost identical. But even a mitutoyo or starrett isn’t going to be as accurate as a gauge block.
All that being said, if I could throw away all my Chinese tools and get the good stuff I’d do it in a heart beat of course. I don’t want anyone to think they’re similar quality or that I’m really trying to defend them. I just think for engine work, especially on these old things, you could get by with cheaper. I don’t think engine work has to be that accurate. You’re only dealing with hundredths, which in my limited experience, the Chinese stuff is acceptable.