$30, I'd check it for accuracy first. We did a job with beam detectors many moons ago (beam type smoke detectors). the spans through the bar joist ceiling were in the 200' range if I remember correctly. We would mount the transmitter on one side of the building and then use the laser to mark the exact location on the far wall where the receiver would be. The only problem is that the "little red dot" on the far side was 4" round by the time it shone all that distance!
I would just check the torpedo level on the tripod against some hard measurements, and a 4' or 8' level, etc. I'm sure it is fine, but you wouldn't want to line up the aforementioned counter top boxes and find out that they are lined up perfectly, but the line sloes down 2" on one wall...
What model is it, for $30 I'm inclined to treat myself to a late, or extremely early Christmas present!