Have chucked a piece of steel and machined a nice parallel section.
I then tightened the chuck onto the shaft and clocked the mounting face it was about .03mm(about .001 inch) TIR. I loosened and re-tightened it on the machined piece several times and the runout on the face was about the same and in the same place each time. I then faced a tiny amount off the mounting face, hopefully this will take care of axial alignment.
Here is the 3 jaw backing plate mounted to the spindle nose.
You can see here that I have reduced the spigot diameter quite considerably. That was easy, so far-so good.
Here is a piece of scrap aluminium I use as a sacrificial face plate etc. I marked, drilled and tapped the PCD before setting it up in the chuck. I then faced it and recessed it deep enough to clear the spigot on the backing plate.
Here is the backing plate bolted to it and the bore being set up true. You can see a shiney stainless steel ring on the boss. I made and fitted it just to give a bit of extra strength, it most likely doesn't need it but it looks interesting anyway.
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