Thanks ray, it's going ok so far,
This is a picture of the machine at work:

It might not look it but to my surprise that 3 jaw is very accurate, it only has an inherent run out of 0.01-0.02 (when a bar of known size is used within 50mm or so) i remember using an old 3 jaw at work that was 0.2mm out of round
And this is a picture of the fused bar in the lathe, with loctite on the internal M6 thread (i personally prefer a high strength anaerobic compound called bondloc, the specific grade is for fusing pulleys to shafts, much thicker and gloopier, i'd definitely recommend it),
the maximum runout of the fused bar is shown on the plunger dial indicator when held in it's mating spindle cartridge, i can't get more than 0.02 out of it. As you can see, no mating line is visible after turning, it's like it was always 1 piece!

sorry i couldn't get the picture the right way up.
If all else fails for runout you can always superglue cigarette papers to the offending O/D, it's a black art though and certainly not kosher, i now prefer to call them "diameter shims" to legitimize it's proper engineering usage. If you could hear me i'd be telling you in hushed tones 
Michael W
Edited By Michael Walters on 30/04/2016 21:14:04