As with most things in life, it depends.
If you are measuring bores and cranks to the level of accuracy that
allows you to determine if they've been ground zero, once or twice,
a dial caliper will be fine. If you're using it to determine if the
thing is round, you could just as well use a ruler - get micrometers
that will let you read tenths, get standards and learn how to
use them, and buy the best you can afford.
If you're like most folks and send your machine work out to be done
by a machine shop, you can live for a long time with a standard
3-piece starter kit - 6" dial caliper, 0-1" 10th reading mic, 6" rule.
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