A 4 Jaw will allow you to bring work absolutely on centre, more accurately than a 3 Jaw.
There are lots of places in books detailing how to centre work in the 4 jaw
There was an article in MEW some time ago, saying how to centralise work in a 4 Jaw.
The thing to remember is that you adjust the diametrically opposed jaws by half the run out shown on the DTI. You keep on checking and adjusting until the run out diminishes to whatever figure you consider acceptable.
(Often half a thou or less Total Indicator Reading is obtainable )
Practice will make perfect
Howard