If I'm not mistaken, a Craftsman Commercial lathe is a 12" lathe and it can handle an 8" 4jaw chuck easily. The spindle is relatively small for a 12" lathe at 1-1/2" but I have no idea of the size or capacity of the spindle bearings.
I look at it this way. A spindle assembly can handle a fair amount of weight. My Emco 11" lathe with a 2" OD precision spindle and precision tapered roller bearings has a work capacity of 99# without tailstock support. The 4jaw I use the most weighs somewhere around 15# or so, so the spindle can take about 100# of weight without live center support. If my 4jaw were to weigh 50#, that leaves me with a max work weight of 50#. Beyond that, I would be concerned about the ability of the bearings to do sustained work.
Personally, I would look for a 4jaw that isn't so heavy. The reason Logan recommended the lightest, smallest chuck that could do the work was to limit the wear on the bearings. That makes sense to me.