My 8" universal Bison 3jaw, has .003 maximum allowable runout, universal is keyword for more runout than a precision chuck. The bigger the chuck the more runout that's allowed in the spec before the factory considers it to need fixing. According to my Bison work holding catalog a 6 1/4" chuck has a max runout of .0016, this is holding a bar. I suggest you download that catalog. I consider the 4 tenths to be allowable, my Bison collet chuck (5c) has about .0006-.001 runout. To me, that's so terrible for a collet chuck that I don't use it, won't use it until I fix that, which means maybe grind the taper.