Lever hoists are handy tools. I have a few and they’re pretty indispensable for rigging work.
That said, the type of hoist/puller you select is going to be governed by what you’re doing with it.
Lever chain hoists CAN do vertical overhead lifting, but that’s not where they excel. They’re extremely good at PULLING, not necessarily in the vertical axis. They’re most commonly used in pairs or in threes to align things like heavy pipe flanges or to rig heavy objects into tight places on ships or power plants. They can pull horizontally just as well as vertically, and they’re VERY controlled.
They are very slow, however and you’ll be frustrated if you try to use one as your primary lifting tool on a gantry crane. You’ll wear out your arm trying to move it a foot or two with a load on it. The other downside is you have to be right next to one to use it. So, you can’t get out of the way of a big load, as you need to pull the handle.
I commonly use mine to straighten weldments and pull stuck things loose. I also use it in conjunction with my overhead crane to flip or otherwise level unbalanced loads.
A chain fall is a MUCH better choice for pure overhead lifting. You can stand way off to the side, they move faster and they’re available in more capacity for less money.
Cable come-a-longs work as long as you keep them in good shape, but generally aren’t rated to lift overhead and they’re frustrating to use. They are much cheaper though. A good lever chain hoist will set you back several hundred bucks for a small one.
TL,DR Lever chain hoists are great rigging tools but not necessarily the best option or a replacement for a chain fall. Application is everything.