These old braces whether with universal jaws or the interlocking chuck (bugbears PSW) were designed to hold square tapered shanks and round bits only at a push. Arguably the ability to take round bits was something of a disingenuous marketing ploy. The interlocking chuck has a fixed square socket at the back to take the drive load and the jaws merely hold the bit in place. You shouldn't use bits which don't engage with the square socket. Universal jaws on the other hand have a smooth v-groove and some kind of parallel hinge to give a "better" grip of round shanks. The torque load is taken by the jaws themselves. That this didn't work too well is the reason makers developed expensive braces with complicated ball bearing chucks allowing a much tighter grip of round shanks.
Using braces to drive things they were not really designed to is one of the reasons many used examples have problems. The torque you can deliver with one is huge and just because a bit appears to fit nicely on the bench doesn't mean you're not going to damage it if you actually use it.
And remember SDS bits are grooved to accept a ball bearing drive and are made from modern very hard alloys likely much harder than the jaws in any old brace. If they slip they will chew up your brace far more effectively than any slipping round shanked bit ever could.
In short using an old brace to drive large SDS bits is akin to using your chisel to open a paint tin. A bad idea.