I think I wasn't getting what you want to do. Are you proposing to use the threaded boss (A/B) on the backside of the 5C collet chuck as the insert that goes into the recess (C/D) formed by the backplate and front side of the L1 taper? If so, what are the dimensions of the several lettered locations indicated. Also, what are the unfilled screw holes on the back side of the chuck (ellipse)? What is the bolt circle diameter of those unfilled holes, in relation to dimension "C"? Will these open holes be used to secure the chuck to the backplate? If so, is there room on the backside of the backing plate for those mounting bolts with clearance from the OD over the L1 taper (F)?
If I'm understanding correctly and things all fit, your thought of drilling/tapping screw holes in the backplate for adjustment screws that work against the boss on the back of the collet chuck just might work. Whether you have to turn down that boss to fit within the backplate recess or not, the runout of the OD of that boss may not matter, because 1) there needs to be substantial clearance for there to be an adjustment ability/range, and 2) the adjustment screws will push the chuck around while you indicate the chuck OD, 5C taper or stock held in the collet (my preference).
Rick