I have a Park TM-1 and am quite happy with it. It is very good at checking for an even balance of spoke tensions, it is less good at measuring the actual tension.
I have just rebuilt a hub motor rear wheel destined for use on a tandem, so I wanted to ensure (as far as possible) that the spoke tensions were in the correct range. The hub flanges were quite narrow at 38mm and as there is room (about 10mm to play with) between the tandem dropouts to move the whole hub around using spacers, I tried to keep the dish as shallow as possible. This helped keep the difference in tension between the drive side and non-drive side spokes to a minimum. Additionally, I had to lace the wheel as a single cross as the hub diameter is too large to permit a two or three cross pattern.
I had checked my TM-1 against a couple of other pairs of handbuilt wheels and the readings seemed far too high. I decided to make up a rather Heath-Robinson test rig using a 150Kg digital hanging scale which let me apply a range of tensions to the Sapim Strong spokes I was using in the wheel. As I had thought, the TM-1 was over-reading by quite a bit, especially at the higher tension end of the scale, so I just noted down the TM-1 reading of the actual tensions and used my own 'translation' of the TM-1 scale.
For the occasional wheel-builder, I think the TM-1 is worth having. If you are consistent in the way you use the TM-1, the readings as you go round the wheel are very repeatable. I'm sure it helped me get closer to an evenly tensioned wheel than I would have been able to achieve otherwise. I did try using the Android phone tension app, but for me it was very inconsistent and I preferred using the TM-1.