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In all reality you will be chucking up a shaft,turning it to size and cutting it to length
Yes, but there are many things on my personal to do list that will require boring or cutting a face on one side and then flipping the part over to do the other. I'm sure it can be chucked up and indicated in a four jaw to compensate, but do I really wanna?I guess I'm figuring that if I get this stuff taken care of now while it's new to me, then I won't be kicking myself every time I use it in the future.Second option besides machining true is to turn up a MT5 taper on a big piece of shaft and then use leverage and a floor jack to straighten it. I'm not a big fan of that because it would stress the bearings and the spindle. It would however retain the ground faces that are already there.
As Fast said,a collet is your best bet for that.
Even then if your surface finish profile is not very smooth(and fairly hard) you will still not get a perfect repeatable chucking.
Is it perfect? No, but I think it's close enough to work.