ASW, this is a really GOOD, but tricky question. As my old Control Systems prof used to say, "You can't manage what you don't measure". Ummm, did I ever mention that Control Systems put meager bread on my table? This topic always engenders heated discussions on the local aerodrome "liars bench", perhaps topped only by observations on the circuit etiquette and landing skills on view to all
Some good observations previously posted. Perhaps the best discussion of these topics for users is the "Sky Ranch Engineering Manual", John Schwaner; sorry don't have the Sky Ranch website handy. This discusses the complex relation between EGT, CHT, and TONS of other related topics. I HIGHLY reccomend this to all serious piston aeroplane powerplant operators.
And TCM and Lycoming have their own reference parameters, see, e.g., their websites.
By way of example, on the topic of "Shock Cooling", the Lycoming guideline is <50F CHT reduction per minute. The serious Glider Tug and Skydive operators have figured out descent profiles with powerplant/airspeed configurations to conform to this, and some routinely go over TBO, without cylinder rework.
On the tug I regularly operate, I'm running Matt's nice digital CHT and EGT's, but only one point each. Whilst ALL cylinders is most desireable, it's easy to get fixated on watching those numbers/bars dance, and forget to look out the windscreen and FLY! And on the cubscout 'cub, I have neither, but both are on my shortlist for improvements. That said, the "click-stop" mixture control (PMA from Spruce) eliminated mixture creep, and significantly improved fuel burn, and plug fouling. If I had to pick only one, it would be CHT, installed in the factory CHT well [unLESS you're cursed with one of those early Continental cylinders which use the Spark Plug ring washer

] .
Since you're running an XP S'Cub, with a Lycoming (the last we chatted), that would be MY starting point. But be VERY aware that that 4-cylinder Lycomings have notoriously uneven mixture/CHT distribution. FOBJOB on another popular wesite where you sometimes lurk has discussed his trials and tribulations in this regard.
There, MY opinion and worth what you paid for it.
Thanks. cubscout