Brain,
There is nothing wrong with using that chuck for the home shop machinist use. Just don't tighten the crap out of the jaws and it'll give you years of good service.
Like any other Chinese made chuck, first thing I would do is take it apart and clean out all of the grit and crud. Next, lightly grease, and I mean lightly grease, with some moly-disulfate based grease. If you over grease, you will wear the excess for years to come every time you turn on the lathe. Don't ask me how I know this. They do make special grease for chucks, it is very expensive and not worth it in my opinion our use. Industrial, yes.
Ken
EDIT: Just thought of something, the last chuck I serviced, I used a little Never-Seize on the jaw screws. Again, a little dab goes a long way. Ken