Here is another way:
1) mount the round stock in the 3 jaw chuck with at least 1/2” sticking out. Do not clamp the chuck to the table yet.
2) slide the chuck around until the stock slides into the drill chuck
3) tighten the drill chuck while helping the 3 jaw slide into alignment
4) clamp the 3 jaw to the table
5) loosen the drill chuck and mount the spotting drill in it
You do pick up error in the drill chuck plus spindle runout.
I hope all see how this idea evolved from many of the comments in this thread. All of us are smarter than any one of us.
Rick

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