I don't think I would be using the JB weld either. I would be worried about it self ejecting and the operater getting hit with the pieces. I know its probably your main key you use to tighten your work, but I would try the other two keys, with a known piece of round stock, and the indicator should reveal if the run out is better or worse.
After all, it is a 3-jaw chuck, so some run out will be present. Using on of the other spots to tighten up may be worth looking into. You might avoid repairing the original this way.
After all, it is a 3-jaw chuck, so some run out will be present. Using on of the other spots to tighten up may be worth looking into. You might avoid repairing the original this way.