Rather than moving one jaw out and the opposing jaw in, I would move two adjacent jaws out and the other two jaws in. This will give you a better grip on your part. Then as Mr.Whoopee stated, max. - min. reading is twice the offset. For the dimensions you gave, assuming you wnat the .625" diameter to be tangent to the 1.125 diameter, the offset will be.250" and the difference between the readings will be .500".