for you to take advantage of the 1+ through hole that means you'd have to position the chucks jaws in a reverse order as the image you posted shows. that also means that the jaws will extend +1" out of the chuck making the actual chuck diameter +6" which might not fit in your lathe's work envelope (+7" for holding a 2" rod).
Hm good point. I will have to do some measurating tonight.