Personally based on your current lathe and as Marcros mentioned future compatibility if you ever change your lathe, I would go for the Versa Chuck.
The Axminster SK114 would be fine on your lathe assuming it is made in a thread version to suit your lathe, weight wise it is not a heavy chuck. One big disadvantage is that it in itself the chuck body can not be modified (as far as I am aware) to fit any future lathe with different spindle thread.
One very important aspect of the chuck selection, and the versa chuck addresses this quite uniquely because it has carriers available to suit several different standards of accessory jaws.
As you mentioned wanting to turn Briar Root pipes, you will probably need to make your own griping jaws out of a suitable wood such as Beech to hold the initial Rectangular blanks, these will need wood jaw accessory plates for fixing such as
These from Axminster, so selecting the Axminster Carriers for the Versa Chuck you would also have their full rang of accessory jaws to choose from in the future.