A bunch of folks have sent me email for more explaination than the pictures show.
The holes that run through the chuck are slightly larger than the 3/8" bolts I used. It doesn't take much as we are only moving the chuck by a couple thousands. This chuck I'm using is a "True Adjust" It was made to be losened up and the setscrews that run around the perimeter bear on a raised portion of the backing plate. This method works fine, but my method allows you to set a dial indicator and find the EXACT high point and tap it into alignment. You don't need to move two screws to move the material in a third direction. It is so easy it is scary that someone else hasn't thought it up before.
I would suggest if you don't have a True Adjust, with the holes already drilled through the chuck that you could make a back plate that mounts to the lathe, and then make a second backplate that mounts to the chuck. The bolts then could be between these two plates and the same type of adjustment would be possible. Or if you knew how your chuck was designed, you could find an area in the chuck where three holes could be bored without damaging the chuck. But chucks that are designed to be screwed onto a treaded back plate are very inexpensive .
Hope this helps............