Within the context of "tuning," I would get a data logger before buying a gauge of any kind.
That CHT idea is interesting.
To kind of add to the above, and how an EGT gauge is not necessarily needed on this application, doesn't the V10 already have a thermocouple located somewhere within the vicinity of the exhaust manifold(s) and where the turbo(s) bolt on? If that's the case, and I'd be very surprised if it wasn't, seeing that my own Passat TDI has one, wouldn't Vag-Com be able to take that reading???
For automobile applications, although this pertains more to gassers, the usability of the EGT really comes into play when adjusting the ignition advance. This will let you know if your adjustments are within the given safety parameters.
Generally Speaking:
More advance = lower temp,
Less advance(more retard) = higher temp
I think that anybody here who is planning on chipping his V10, needs a boost gauge to monitor any boost spikes, but then again, any split second spikes would be missed by the eye, hence logging. Nevertheless, the responsible pilot should have at LEAST something on his tuned vehicle. I say the more, the better!
Here is some food for thought. What about an exhaust back pressure gauge? This is good for monitoring any changes on the exhaust side as well as any other problems within. A boost leak will immediately turn up as higher exhaust back pressure as an example. It can also be used to monitor pressure losses through the intercooler while on boost.