lathe chucks are within a few thou, 5c collets are within a few tenths - if they are clean. a mandrel can hold a tenth or two if the bearings are good on the live center and the dead center is true.
of course it helps to have a large oversize heavy lathe with good bearings.. hardinge or zubal or something like that.
to
We manufactured custom 6061-T6 aluminum soft-jaws to gently hold the radius of the ID of the cylinder, many, many years ago.
We then do not arbitrarily suspect that the cylinder is running true, as it is then checked with a Starrett Last Word universal test indicator, and adjusted to run true, if need be.
Then, at that point a bull-nose center is brought to contact/support the spigot, and the back face of the precision center is also indicated to run true, and then the tailstock is locked, and then gentle cuts are then made to establish the desired overall cylinder length.
This method is very rugged, and very accurate.
The mention of the 3-4 jaw comment is a totally ludicrous remark from someone not aware of simple, basic, machining processes, that any entry-level apprentice, would/should be overly aware of.
Boot, in mouth, once again.

Scott