In the past I had the sight tube on the same pipe as my tap (in a burco boiler I converted to a HLT), and whilst there was no trapped dead space I found that the sight tube was reasonably accurate whilst fly sparging slowly, but fairly misleading if the flow increased (such as running into the MT initially or batch sparging). I'm not sure if that was just my setup (me being me, I over-complicated matters as always!) or if its inevitable though...

I didn't expect it to work with the 22mm tap open but was fairly surprised how much the 15mm one could affect it. I added a service valve in line with the 15mm tap to limit the maximum speed and pre-set my usual sparge rate but it was a tad annoying so thats not an idea I used in subsequent designs.
The rest of it worked well though, and the sight tube went all the way down to (pretty much) zero which is something I miss with my current HLT; I think for me personally a design something like this but with separate feeds for tap and drainable sight glass is what I'll do with the next design..
Cheers
kev