I'll be a bit controversial here.
The single gauge will always be spot on, but it is tedious.
The dual gauge systems take a lot of effort to make, and and allow rapid setting, but there are two possible sources of error – first it can be no more accurate than the accuracy you make it with, second, it can be no more accurate than the chuck that holds it, and even collets aren't perfect with 4-6" of overhang.
If , instead, the dials gauges are set using KWIL's /Eccentric's method of setting at a single point then they ought to be virtually as accurate as a single gauge. But, to be honest, as long as the contact patches are within a few mm of each other a set it when you use it trammel like this could be made of a couple of bits of wood nailed together and work just as well.
I have an idea that a pivoting trammel with a pair of fixed probes and a single dial gauge to show if it is off horizontal, might work quite well.
Neil