According to the manufacturer, the accuracy of the Last Word 711 indicator is ±.0005" (though this rather significant detail is omitted in the Starrett catalog).
.001" vs .0005": They're the same indicator but have different dials. The .0005" dial is simply subdivided into smaller units. Both indicators have the same accuracy. You can mentally subdivide the .001" or you can have the dial changed on your old indicator when you send it for repair.
|711LCSZ||.0005"||included||check price and availability|
|711FSC||.0005"||with body clamp only||check price and availability|
|711HSAZ||.0005"||fewer included||check price and availability|
|711FSAZ||.001"||with magnetic base included||check price and availability|
|711MGCSZ||0,01 mm||all included||check price and availability|
The body clamp will slip over the indicator's body with considerable friction, to keep it in place. You will then be able to clamp it to any rod between 1/8" and 1/4" in diameter, using the thumb screw.