Nige,
That is likely far better than most 3 jaw self centering chucks will achieve.
If you plan your work such that the item does not require rechucking, the initial chucking may not need to be centred perfectly – as long as the stock is sufficiently oversized – just the first cuts may be intermittent.
Turning between centres is the way to go if parts need to be removed from the lathe and replaced several times without fear of concentricity problems.
Trial and error is always the way it is done. Think here, if you trial it (measure) and reduce the error (run out) by one half each time, you should only need a maximum of eight repeats to reduce the error to close (enough) to zero (a bit like folding a sheet of paper in half and half again, etc). It is only that some can get there more quickly than others!
Check out the recent competition between Keith Fenner v Abom79 at the Bar Z bash 2017.**LINK**
Even they can be set a rediculous task to test their doubtless high skills.