An x-ray astronomical observatory called the LAMAR, utilizing multiple grazing incidence x-ray telescopes for high sensitivity observations, is being considered by NASA for a Spacelab facility. A LAMAR utilizing Wolter Type I x-ray optics figured by diamond turning is described and its performance compared with a similar facility involving x-ray optics of Kirkpatrick-Baez design. Effective areas, imaging properties, and relative sensitivities of these two LAMAR facilities have been calculated with the aid of computer ray tracing codes. We conclude that the two optical designs provide comparable effective areas. Therefore, the ability to achieve the highest possible angular resolution within cost constraints will be decisive in the choice of x-ray optics for the LAMAR.