Truing chucks generally doesn't work very well. Grinding is a possibility but requires preloading the jaws which is difficult. Moreover, when done the chuck is really only accurate on the size shaft corresponding to its opening when ground.
When machinists want low runout they use collets. If you have runout problems with collets the rotary tool bearings could be at fault or the collet was machined badly. If you have a lathe try making some accurate collets; it's fairly easy to do. If your runout problem is with drills, look into carbide circuit board drills; most have a 1/8" shaft. If you can get one accurate 1/8" collet, that might help with your problem.
I don't regard the Dremel as a high precision tool. Its value lies in its size and the range of available accessories. For really accurate work you need something like a Unimat or Sherline.

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