Need Advice on a New Chuck

Don't think so, i would check headstock spindle axis against the bed axis for parallelism.
No matter what you clamp in a chuck there is always distortion of some sort.
Either the work is distorted or the chuck becomes distorted.
 
You need to be sure these two axis are parallel to be confident of dimensional accuracy.
Use a mandrel and a tenth indicator to verify this.
 
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