Ring flash was originally meant for medical and dental photography. It produces a functional image with no shadows and it is the ultimate form of direct flash. It is also good for small natural history subjects, but not so good for reflective subjects such as coins, stamps and even documents because of specular reflection back from the subject. You can use it for close portraits and head shots for artistic effect. The Guide Numbers of ring flash units are deliberately low because they are for close subjects.
I would not pay £100 (or $100) for a used ring flash. I might pay £30-£40 for one with Pentax-compatible p-TTL. Not long ago I payed £10 for a Sunpak DX-12R
Sunpak Auto DX 12R Ring Light reviews - Pentax Camera Accessory Review Database and another has just been sold on Ebay for £17, to give you an idea of the price bracket of a relatively modern (c2000) and high quality ring flash. Budget units like the Vivitar 5000 can be picked up for around £5 - the postage would probably cost you more. It is a buyer's market right now.
Unless you get one with p-TTL (assuming you are using a modern Pentax DSLR) any other form automation is not much use with macro - a sensor on the flash ring body is out of line with the lens. I get the exposure right by experience : changing the manual level (the DX 12R has five) and and/or lens aperture, followed by chimping (ie trial and error), which a digital camera allows you to do.