The way the cam pegs are designed, pull from a pin tends to tighten the cam not loosen it.
Also note that the cams are relatively soft steel so they have some friction on the housing and pin.
The lock screws stop the adjustment from changing when the chuck is out of the spindle.............Ive made my own pegs,and they seem to work OK,but its been pointed out to me I didnt do it right.....but they work,and thats the point ,cause I dont have a 40hp cnc where a loose chuck might cause havoc.
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