Hello Keith,
You are absolutely correct in what you say. I would check out the back plate. However IF the previous owner had turned the back plate register down and enlarged the bolt holts to get the chuck aligned, then I am blowed if I am going to disturb the present set up!
What can be said without any doubt, is that the jaws are aligned to the lathe centreline within a thou or two (Which is good enough for me, as the chuck isn't my best one!). However the chuck outer body is NOT concentric to the centreline, having a run out of 25 thou. The best explanation is that of Keith Rodgers and that the jaws have been ground true. The outside jaws look as though they have never been used (still wrapped in anti rust brown paper!). If anything they are a touch more accurate than the normal jaws, the run out on various chucked pieces of rod is just over a thou.
I suppose I should just forget the pronounced wobble and get on with the turning. The trouble is that any of my friends that see the lathe at work say "I should fix that dreadful run out!". I am almost tempted to try and turn down the offending chuck body!!
Andrew.