for all that effort turning the ring and drilling the chuck jaws, you could have just used a heavy duty cable tie to load the jaws. I think the reasoning for the ring and pin approach is just to take up the play in the grooves in the side of the jaws too.if a ring is used on the outside jaws, they may not be parallel when clamping on round bar if the grooves are worn and sloppy.
if you want it accurate, either use a collet chuck or independant chuck
if you want it accurate, either use a collet chuck or independant chuck