I have to chime in here. In my opinion, the A/F meters that just have LEDs to tell you which side of stoichiometric you lie are, well, worthless. Sorry, but there is no easier way to put it. I considered one myself, but ended up getting an LM-1, LMA-2, and MAP sensor setup. This is unquestionably the best set of tools that I own. Yes, it's expensive. But, you'll know exactly what your carb is doing. You can make quantitative decisions based upon objective data on what to change.
An AFR of 14.7:1 is what is know as the stoichiometric ratio (for gasoline), where all the fuel and all the oxygen content in the air of the combustion chamber will perfectly balance each other out during combustion. In the O2 sensor world, this corresponds to a lambda reading of 1. Lambda values greater than 1.0 indicate excess air and are called lean mixtures. Lambda values less than 1.0 indicate excess fuel for complete combustion, and are called rich mixtures. The aforementioned LED style A/F meters lead the User to believe they always want to run at 14.7:1, which is certainly not the case. For example, at WOT in a N/A application, an AFR of ~12-12.5:1 is ideal (this, of course, will vary by application). WOT at stoichiometric could prove damaging to an engine. Conversely, one could safely tune his/her carb to deliver a mixture of let's say 15:1 during cruise. A mixture this lean is perfectly safe when the engine load is low.
With respect to dyno tuning, you are only tuning for WOT and maximum power. Yes, this is good, but off-idle bogs and other tuning issues (e.g., erratic fuel delivery at main circuit onset --> emulsion system) will never manifest themselves. A WB02 unit like the LM-1 can aid one in resolving drivability problems. The LM-1 was very useful in helping me rid my car of a part-throttle stumble.
If you really want to dial your carb in, consider an LM-1. Split the cost between several friends and pass it around. That's what Heckeng and I did. Although I don't like the Quadrajets, just buying a Holley and sticking it on out of the box is not a guaranteed fix. In fact, I'd be willing to bet it will run pig rich in the stock tune. Not only does this waste fuel, but excessive amounts of fuel will actually reduce power output. The point is, ALL carbs need to be dialed in to YOUR application. What worked on your buddies car may or may not work on yours. With the WB02 setup, you'll be able to watch as you tailor you fuel curve exactly to your liking.