A quick way to get very close without needing a DTI uses the cross slide dial to measure the error and a support block between the bed and chuck jaw to hold the jaw exactly horizontal.
Start by putting the job in the chuck at your best guess to central. Choose a jaw to start with and set it horizontal using the block. Arrange some sort of rigid probe on the tool post with a vertical face to contact the work. For example a hefty rectangular tool set backwards in the tool post with its end dead vertical works fine. If you have a QC post the vertical face of an empty holder may well work. The driil carriers from Dickson systems work fine for this. Nice to find a use for it!
Run the cross slide forwards until the probe lightly touches the job. If you don't trust your feel or if doing a small job in a bigger, less sensitive machine, trap a piece of cigarette paper or 1 thou feeler gauge just enough to be stiff to pullout. Note the cross slide reading.
Pull back, rotate the chuck by 180° and repeat. Set the cross slide to halve the difference and adjust the chuck jaws so the work just touches the probe.
Rotate 180° and verify that the cross slide readings are very close. Adjust again if more than 10 thou out.
Repeat process with the other pair of jaws.
Given a modest level of care its easy to centre the job to better than 10 thou TIR first time round. With practice right first time may become normal for anything other than the most exacting jobs.
Go round again for the final adjustment if needed. When finishing off you may prefer to leave the probe sitting very close to the work and make the final tweak using feeler gauges instead of the dial. Expect something under half a thou TIR to be easily achievable.
I imagine the process works well with a DRO.
This was the method I was shown for square stock. Took 30 odd years to twig that it would work well for round work too. By which time I had a nice stock of dial indicators.
Clive