those jaws will work fine for drilling blanks. And if you're worried about how
to drill blanks that aren't quite square, try this:
Open the jaws, put in your blank and then close the jaws till they're
ALMOST tight. You want to be able to move the blank, but not have it
move in it's own.
Put a piece of white paper on the table behind your lathe. Stand back and
look above the ways, but below the chuck. Make sure you can see the
paper there. (the paper is just for contrast so you can see better)
Now move your head so that when you look at the blank, it looks like
it is between you and the ways. Look at the top of the ways (with the white
paper behind them) and see that line. Now look at the bottom of the blank
and see THAT line. Move your head so that those two lines are almost
touching. If they are not parallel, adjust the blank position so that they are.
If they are parallel, then turn the chuck another 90 degrees and check or
adjust the blank again. When 2 or 3 sides are aligned with the ways, that's
as close to square as you're going to get. Tighten the chuck and start
your bit into the blank, allowing it to find the center. Drill away..