Myford will have calculated the stresses and strains involved and then sized everything up by a safety factor, probably at least x5. You have headroom.
With moderation you can use a heavier chuck. Bear in mind Jason's point about keeping an eye on the total weight – resist the temptation to put extra large, heavy, or unbalanced work in the chuck just because it fits.
Personally I wouldn't overrate anything I care about by more than 1.5x normal for long. Slight overloading will likely take decades to harm a lightly used machine. Routinely overloading a busy lathe will cause early problems. In other words, go for it within reason – just don't take the piss. If you break the lathe it's your own fault.
Dave