Well, maybe... If you're happy the way things are, leave well enough alone (and I'm not saying that in a sarcastic way; I really mean it).
I go by feel of the machine. If I can feel 1/2 ton of metal vibrating with notable difference from one speed to the next or, if one chuck behaves significantly different than another, then I fix it. -Or at least try to anyhow. After a good bit of fine-tuning the bench and chucks, all my chucks are doing fairly well. The 6" has a very slight vibration in the 800 RPM range but, it goes away at speeds slower or faster. That's due to a dynamic balance issue and I can live with it or chase it away with the VFD.
Here are a couple threads that discuss chuck balancing. Please pay attention to the safety concerns which are: Don't forget to tighten chuck bolts, don't leave jaws wide open, work speeds up from slow to fast and be prepared to hit the panic putton if the lathe starts dancing on the floor.
On thing I forgot to mention, is baseline your machine by running it at all speeds without a chuck installed. If you have serious problems there, don't bother working on your chucks yet. To test a chuck, I first run the machine w/o one installed then, install the chuck and make a call if you're happy or not. None of mine are perfect but but they're good enough -and I know from experience how much vibration shows-up in cuts and I can adjust my DoC accordingly. When things start shaking, a heavier DoC is often the cure.
http://www.hobby-machinist.com/showthread.php/13332-Fitting-new-chuck-to-backplate-for-beginners?highlight=balance+chuck<O
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http://www.hobby-machinist.com/showthread.php/10651-D1-4-Spindle-amp-Chuck-Measurement-and-Setup?highlight=balance+chuck<O></O>
PS/EDIT: Good balance is important. As long as the machine does not scare you when it's running and the cuts are clean... life is good. Don't go overboard... A perfectly balanced empty chuck runs crappy about 80% of the time you put a piece over 2" diameter. The stock you're working on is likely far from balanced -that's a sure bet. Sometimes, if I get a noisy piece, I just rotate it in jaws to see if it will quiet down. Most of the time, it helps a little.
Ray
Hey Ray-
So I guess I should balance my chucks? I have seen chucks with holes drills for balance, but have never done my own hah.
But I rarely spin mine very quickly.
Bernie