A setup as Jack posted looks to be the ticket to true up the back of the 5C chuck. The stock held in the 3 jaw is turned to diameter I would think 3/4" would be a good number. That shaft would be concentric to the centerline of the lathe spindle. Then the 5C's 3/4" collet closed on the turned stock to grip on and a bull nose center supporting it from behind. I think the only thing that would really make this setup even better would be the use of a tool post grinder to make the mandrel and to clean up the back of the chuck.