Not being a self centring chuck means you have to adjust each jaw individually ( well, in opposing pairs actually) until you get the level of concentricity you need. Usually you would 'clock it' using a DTI. However whilst metalworkng jaws are not great for holding wood ( limited contact, plus they crush the wood fibres which then put things off centre again - I've tried it) I can see some potential here - you could hold a number of woodturning accessories in the jaws provided you take the time to centre them. Some suggestions include a wood screw (to act as a free wood screw chuck) or an actual screw chuck insert intended for wood jaws, a home made pin chuck (piece of steel rod with a flat filed on it, and a shortened masonry nail for a pin), a length of threaded rod on which you could mount accessories such as ply or mdf discs holding various sizes and grades of abrasive paper to make a scary type sharpening disc for woodturning and other tools, or holding ply / mdf cylinders to make bobbin sanders of a size to suit your individual needs. If you only want to use one of these suggestions, say the threaded rod, then you could leave it permanently mounted in the chuck and so would only need centreing once. Be aware that nuts on a threaded rod will tend to unscrew as the lathe rotates so a second nut to act as a lock nut would be needed. Also to grip the disc / cylinder really well you can use pronged nuts (not sure of the correct term for these). Of course you could use your faceplate for holding discs, and a 2 or 4 prong centre plus tailstock support, but this gives you an extra option.
Things would be much easier with a self centreing chuck but personally I would hang on to it for a while to try things out and then sell it on if the effort is not worth the advantages.
The thread on the graduate is 1 1/2 x 6 tpi (1 1/2 x 8 would fit South Bend and probably others) and I don't know what metal lathe that would fit as I'm not well up on that. If your chuck has a removable back plate then it would be a saleable item. An ebay browse will give you an idea of value. Hope this gives you some ideas.
K