I've always used an Innova timing light with my MSD distributor & 6AL controller ignition and it has worked fine, but there is a problem with it. When the RPMs go over 3,000, the timing jumps up several degrees. At 3,000rpm the MSD switches to a single spark event, instead of the double spark under 3k. So, this indicates to me that the timing light has a problem reading the timing. I called Innova and they told me that their dialback lights do not work with MSD... The person I talked to would not go into details with me.
For this reason, I bought a Craftsman non-dialback timing light. I have not used it yet but, according to what I've read, it should work better with double-spark ignitions.
Theo.