Taking cost/storage limits out the equation, PaulM is correct, you can never have too much data. You might not choose to analyse it all, but you don't know when it might be useful.
For instance, you may initially choose to analyse only revs and laptimes, ignoring temperature data. However, six months down the line, you may want to look back on temperature data when optimum temperature for engine performance.
From what I understand, all Paul is saying is that, where no cost/storage limitations are in place, why not collect the data?
Regarding Excel, it is one of the most widely used tools in engineering. It is the one product Microsoft got right. Sure, there are more professional and comprehensive tools available, but Excel is unparalleled in its flexibility and simplicity. It's not designed for raw data processing, but analysis and display of a sample set.
Regarding the question raised in the original post, just go for the MyChron4. It has by far the highest bang for your buck.
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