What I do:
I start by marking the center of the blank on either end, usually by drawing lines from opposite corners. Then, using a #4 center drill (with built in 60 degree countersink), I drill a shallow hole in each end, that leaves a little bit of the hole countersunk. This will allow the dead center to create enough friction to turn the blank, and the live center in the tailstock to effectively center the blank. The countersunk hole is most important on the drive end.
Then I turn the blank round between centers, with a 60 degree dead center in the drive position, and a 60 degree live center in the tail stock. I shoot for about a 3/4" diameter, as consistent across the blank as possible. The degree to which it is consistent in diameter is directly related to how well it will center when re-chucked the next time.
Once the blank is round, I go to my collet chuck, but the same could be done with a 4 jaw chuck. None of these chucks will always align the blank true, so the key is to use your live center to center the blank in the chuck.
Place the hole in the tail end of the blank in the live center, then position the tail stock so that the drive end of the blank is in the jaws of the chuck. I don't force the end of the blank against the back of the chuck, as that could alter the alignment, so leave just enough space to prevent that.
Now for tightening the chuck, it can be difficult to hold the blank against the live center while tightening the chuck without introducing side pressure, which might throw off the alignment, especially after the blank is cut in half for drilling, so I use a dowel placed through the headstock, to push the blank against the live center while the jaws are being tightened.
Using this procedure, it's possible to align the blank true in the chuck, and, more importantly, to re-align in the same orientation if need be. Use of a collet chuck greatly increases repeat-ability.
Dan