Get both. In my 7KCAB high CHTs have never been an issue and I think the highest I've seen has been 367 on the #3 cylinder. 350-355 is the norm in the summer with the number 4 being 4-5 degrees behind and the #1 and #2 cylinders about 20 degrees cooler. However, without a CHT you don't really know that. You also won't obviously know if you develop an issue with the baffles and now have high CHTs on the #3 or #4 cylinders, and you won't know when you start running cylinders excessive cool (below 315 or so). These are air cooled engines and proper clearance between steel cylinders and aluminum pistons depends on running the engine at a high enough operating temp.
A four probe EGT is also very useful for both mixture adjustment as well as diagnostics and tracking valve and cylinder health.
I put a 2 1/4" EDM 700 in mine which includes both a four probe EGT and four probe CHT. IMHO, it's money well spent from an engine management and engine diagnostic perspective. I own a $60K airplane and an engine overhaul is about $25K. It's in my best interests to do what I can to make the engine last as long as it can to reduce the hourly set aside for a future overhaul.
The FBO that operated my 7KCAB before I bought it (a leaseback with the prior owner) ran it full rich all the time and at 150 hours since major, the number 2 and 4 exhaust valves already didn't have that nice bullseye heat pattern on them. Instead they were very asymmetric with dark sections on the edges (hot spots) to varying degrees that indicated they were headed for warped and eventually swallowed valve issues down the road. There were obvious excessive deposits on the valve seats from running 100LL, which is what causes the problem. Unfortunately, 100LL is the only option currently for the 7KCAB with it's IO-320 and Bendix fuel injection.
I flew it about 50 hours using traditional "lean it until it stumbles" and then enrich enough to smooth it out (or in it's case "loses lots of power", then enrich to get most of the power back). That more or less gets you somewhere between a slightly lean of best power to peak EGT "best economy" mixture, and you can get best power by leaning to peak RPM. But that's still potentially problematic. At power settings over 60-65% best power settings around 40 degrees ROP result in high internal cylinder pressures that tend to shorten engine life. At lower power settings under about 60-65% engine stress isn't an issue at any mixture setting, but CHTs and EGTs can be overly cool (especially at overly rich mixtures) which leads to excessive lead deposits on the valve stems and valve seats.
I installed an EDM 700 and started running it at a still conservative 100 degrees ROP in flight (and leaning aggressively on the ground to just short of a stumble). 50 hours later, the #2 exhaust valve now looks perfect, and the #4 exhaust valve is much improved, going from discoloration around just less than half its circumference to a small section over about a 15 degree arc. Lead deposits are also reduced on the valve seats and the compression numbers are 77/80 76/80 78/80 on 1, 2 and 3, with number 4 improving but still lagging a bit at 70/80.
One of the other benefits now that the weather is cooling is that it lets me set the power a little higher and adjust the mixture so the CHTs and EGTs stay high enough to prevent lead buildup on the valve seats and stems.
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In addition, the other day I had a spark plug fail on take off with the result that the engine lost significant power while operating on both mags. Since I was above the runway and had enough runway left to stop (about 800' down a 2800' grass runway), I pulled the power and landed.
Back on the ground, the EDM 700 helped to quickly isolate the problem. It ran normally on the left mag and the bottom fell out of the EGT for #3 when running on the right mag only. Which means I could identify the failed plug easily and only had to pull and replace the bottom plug in the #3 cylinder, rather than pull and test all 4 plugs connected to the right mag.
If it had occurred in flight with time to trouble shoot while pointed toward a suitable emergency landing site, I could have also tried each ignition system independently to see if it would run well enough to stay in the air, but again a 4 probe EGT and CHT system in concert with isolating each side of the ignition system would have immediately let me confirm it was a plug issue, and identify the failed plug.
In normal conditions when nothing is out of the ordinary it also helps me identify any changes that are occurring in terms of EGT and CHT patterns.