1 1 thousands = one one-thousandth, I expect. It's a common colloquial usage that is redundant, as merely saying "one thousandth" or "two thousandths" instead of "two one-thousandths" covers the meaning in modern usage.
I agree, though, that as far as bullet jump goes, that level of precision is lost in the noise of other factors. The variation, within the same box, of bullet ogive length between where the ogive will contact the throat and where the seating die contacts the ogive will see to that. About 0.002" is as close as I've been able to achieve using sorted components without a second seating step.
Additionally, none of the tools except, from what I see for the instant indicator, tells you the critical piece of information for rimless bottleneck cases, which is the distance between the shoulder the case stops against and the and part of the ogive that contacts the throat. The Precision Mic and Hornady comparator inserts will do it in two steps. For the PM, use the case thimble with a loaded round to measure the shoulder datum distance from the base, then swap in the bullet ogive thimble and measure that, recording the difference between the two measurements. Then go to the next round and repeat. Sort the loaded ammo into lots by matching those differences. For the Hornady tool, measure all your loaded rounds with the case comparator insert in the caliper adapter, sorting by the result, swap in the bullet comparator insert and measure them all again, resorting by matching the differences in the two measurements. If you want to get really anal, with either instrument, sort all rounds by the initial shoulder datum results and then sub-sort within each group by the difference in that measurement to the ogive location measurement result.
As to which tool you use, that is mostly personal preference to my mind. The Hornady is quicker, but it takes more skill to make a caliper repeat as consistently as the PM does. See which one you are comfortable with. Or get the instant indicator.