Spectre Pickaxe

Three extra blocks of range sounds like a footnote and is not. You reposition less while tunneling, a hellevator goes down noticeably faster, and you can pull ore out of the far side of a gap you would otherwise have to bridge. Going back to a short tool afterwards feels cramped.

The Pickaxe Axe swings faster, so if all you care about is raw blocks cleared per minute it wins. Pick this one if most of your digging is exploratory or construction work, where the reach saves more time than the swing rate costs.

Quick-select will not reach for it when the block you are aiming at is only in range because of the bonus. If you want the extra distance you have to be holding the tool already.