i used a buck set-tru chuck at a machine shop i used to work at. set tru 3 jaw was better for fine tuning, you dont get too much offset on them, at least not that one..
i dont thing the clearance is more than .020 or so, so if you really needed to offset something, like to bore an offset hole in a rectangular part on the lathe, the fourjaw
would be better. 3 jaw set tru was quicker to set up than the 4 jaw in my experience , but that might just be user preference. most 3 jaw chucks, even nice ones, wont ever
quite repeat perfectly. some might argue otherwise, but my experience has been that 3 jaw set true was needed for high tolerance work where the part needs to be removed from
the chuck for second op. i used a two jaw a few times at that shop, i think the only time we used it was to machine an oval shaped cast part using a custom jaw fixture for that
part. not sure what the advantage was apart from speed of set-up vs a 4 jaw for the same part.