I just tried mine last week, and with the electronic ignition ( '81 model year), the spark arcs from the center connection across the glass viewing area to the case of the Colortune 'sparkplug', not arcing inside of the combustion chamber, effectively shorting it out.
I tried insulating it with heatshrink tubing, and small diameter rubber hose, but I got the same result.
So unless you can solve this problem, in my opinion, it's useless on the bikes with the high energy ignition.
I'm going to use some RTV sealant on the rubber tubing next week, and see if it helps any.
So at this time I can't give you any opinion if it useful or not, I got it on eBay for $25US.