I always use contact probes on the outside of ferm vessels and kegs, it works fine if two criteria are met: solid contact and excellent thermal isolation. I use an inch thick closed cell foam pad and a velcro strap to pin the probe to the vessel wall and it works very well indeed.
I get the thought that a thermo-well'd probe in theory should be even more accurate - but otoh, they're usually spotted in the middle of a vessel a long way from the area of actual influence (the wall) so imo it's pretty much a toss-up which actually is more representative of what's going on.
Not having to deal with a potential infection vector is no small deal, either...
Cheers!