This is absolutely the best watch for starting, perfect when strapped to the boom and very affordable.
It beeps every minute until 0 and keeps on counting after that which is useful for General Recall situations.
http://marinestore.co.uk/Optimum_Time_OS315__Big_Yellow__Sailing_Watch.html


Tacktick compasses are not bad as starting watches but are usually mounted halfway the spin pole.
The Velocitek Prostart is probably good too but unfortunately not class legal (GPS).