Unless you do a good deal of square, rectangular or off center work buy a 3 jaw adjustable chuck, there are few things that are more tedious then having to indicate
every single part that you put in a lathe.
Todays job was perfect for a 4 jaw, a rectangular steel part with a 1 1/2-12 thread in one end. This sort of thing is the only good reason to use one.
Indicate part, this takes longer then the threading.
Indicate the tool.
Set the tool height. The center of the spindle on this lathe is 8 1/6" from the ways, and no, I do not obsess over tool centering as this method has worked for me for 30 years.
Drill, bore then thread until the gauge fits, done! The set up takes longer then the work itself, if this part were round I would have had it adjusted in a 3 jaw in 10 minutes rather then 30-40. Don't use a 4 jaw unless it is the only way, as mentioned it is tedious in every way. There are eight of these parts, that is 3-4 hours of dialing in an independent chuck.
Be a machinist they said, it will be fun they said (-: