I think I have the LMS chuck you are talking about... I'm getting .0045 run out on it, but I have it on the original X2 R8 taper... which looked kind of half chewed. (Smooth on one side... rough cuts on the other.)
I seriously doubt it's the chuck that's doing it but until I get a new R8/JT33 shank I can't tell.
It *looks* well made and is a lot heavier than the stock one. Brand name etched in the side is "Harvest".
Q: How many tools does it take before a simple task becomes a project?
A: Just one. I'm the Tool that turns a simple task in to a project.