A 'Vacuum' gauge is a device that samples a low pressure area, and gives you a reading on a scale (gauge face) of that low pressure area.
In the hands of someone in the know, a vacuum gauge will tell you if you have bad valves, and in what head, or even what part of the head, It can set your idle fuel mixture, it will tune your carb, it can tell if you have vacuum leaks, and where they are, it can tell if you cam, lifters, rocker arms, or valve springs have gone bad. It can be used to test fuel pressure, fuel volume, and tune transmission shift points.
It is mandatory for tuning any carb, ignition system with vacuum advance, transmission with vacuum input, and diagnosing most fuel injection problems.
Most of the younger guys prefer to skip over the basics of the old school in favor of the Strap-On sex toy and engine analyser. They have no idea of how the engine works, or how it's supposed to work, so a set of basic tools won't do them any good anyway. If it doesn't throw a trouble code, have a flashing light and wave a red flag, they are lost...
There are only about a dozen laws of nature that allow an internal combustion engine to operate, and once you really understand them, the rest is a piece of cake, (but I prefer pecan pie!).
I don't know how many trade school and collage educated kids we go through here that can't tell you what basic principal a common bolt works off of, or why gear lube seeps out of cracks above the liquid line.
They can recite the most complex test procedures in the world, but can't figure out why putting a low restriction air cleaner on their DZMB-5000 Super ZX whatever motorcycle made it run like crap... Or how to fix it...
When you ask about the 'Hall effect', or 'Venturi effect', or 'Load Sheer', you get a blank look, and then find out that in two to four years in collage or trade school the principals were never discussed, or at least not enough the kids understand them...
But I digress...
Get a good vacuum AND pressure gauge. Sears used to make a pretty decent one for under $30. Large face, easy to read markings, real glass lens, metal case, and adaptors.
If Chris Columbus "Discovered" America (with 25 million already here), Can I Go "Discover" Florida?