As it turns out, I did ok. Installed the chuck on the lathe. Indicated the 5" OD to get close to true, adjusting with the 4 set screws. Managed under 0.0001" TIR measured by my Interapid DTI. Checked the taper and the TIR was similar on the one point I checked. Put in a ground 20mm rod (my Rollie's Dad Method bar) into a 20mm collet and tightened it. Really need a better setup for tightening, might actually drill three holes in the chuck itself for a tommy bar. But first I have to convince myself that everything checks out ok.
Measured the ground bar TIR at 0.0005" next to the collet. So the collet or the collet + bar are near the guaranteed TIR of the collet. Considering that I don't think I am at the correct torque for the nut, it seems reasonable. To check the rod, I can indicate it in a pair of vee blocks. Curious what I might find. Thinking the error will be mostly in the collet, but I'll indicate the rod.
Also will turn down the diameter of the backplate. It seems to be about 0.017" greater radius than the chuck.
I suppose, before I get all giddy, I should try removing the assembly from the lathe and reinstalling it. (I am not removing the chuck from the backplate!) And perhaps reinstalling the collet and rod. Hopefully the TIR won't be worse.