i just got one of those cheep collet closers and it is off by .002. how are you folks correcting the errors in them?
are we talking T.I.R is .002? meaning an actual location error of .001? if so, that's really not much.
The first thing you need to do is determine exactly where is the error. Mark the "high side" and then remove the collet closer, and rotate it 90 deg's and see if it stays the same or changes. If It were me, I'd be tempted to rework the tapered mating surface inside the closer.
Set the compound to the same angle as the angle inside the taper with an indicator, then devise a way to remove the small amount from the side that needs it. You probably don't have a tool post grinder, it's possible you could remove that small amount with a carbide tool, or maybe make an improvised grinder mounted to the tool post with a dremel. If you choose to work on the back side, then I would think you would only remove enough material to allow the "play" to put it in the right spot, and assemble it with a piece of .001 shim stock on one side, and lock it down tight. Once it's in the right place it's not likely to ever move unless you crash it some big way.