With the Walltractor, you first measure the pivot to spindle distance with the supplied tool to find the closest matching curve that establishes the overhang. There are a fixed number of curves for the pivot to spindle distances measured, so your actual distance might not be a precise match. That is a potential source of error, the overhang may not be a precise match. Once you have that distance, you tighten one screw of the two that hold the cartridge so that the cartridge is free to pivot around the fixed screw for you to change the angle of the cartridge to assure that the cantilever is correctly aligned. When the cantilever is correctly aligned at the two null points, you have a quite precise alignment, even if the overhang started out as a somewhat rough approximation.
The potential source of error with the Smartractor has to do with precisely aligning the whole gauge to the pivot point--if the pointer is not precisely over the center of the pivot, the lines on the gauge will be slightly off. Again, the amount of error should be pretty low if you get the needle quite close to the pivot point.
Both protractors are more than good enough, particularly when you consider that the ideal alignment involves angling the cartridge to make sure that the zenith is correct, and none of these tools do that. Wallytools has a service for that which also analyzes the cartridge for other parameters, including the dynamic SRA (the actual angle of the stylus when it is playing a moving record). The analysis requires extremely expensive microscopes and know how, so no consumer can do this for themselves.