Interesting video from Hopper showing Joe going all the way round the houses to set up a job in a four jaw whist putting an indicator at un-neccessary hazard too.
The quickest, easiest, safest way doesn't even need an indicator unless going below thou or two accuracies.
All you need is two blocks, or one block and the blunt (back) end of a lathe tool. One to register chuck rotation and one to make a solid probe. Decent resettable dials on the cross slide cuts down the maths but aren't essential.
Registration block needs to be of a suitable section to stand up on its own when it's on your lathe bed. Finish it nicely to a length such that when sat on the lathe bed with a chuck jaw resting on it the jaw is horizontal. Usually more room to put it at the back but more of a stretch. Whatever works on your machine.
Put the probe in the toolpost so its end is dead square to the work.
Put the job in the chuck and eye up relative to the rings as best you can.
Put the registration block on the bed and rotate the chuck so one jaw is resting on it.
Using the cross slide bring the probe up to touch the work, set the dial to zero and withdraw the probe
Rotate 180° so the opposite jaw is on the block and move the cross slide so the probe again touches the work. The dial reading is the total offset error (TIR).
Adjust the crosslide to halve the dial reading and adjust the opposing chuck jaws so the workpiece touches the job. Withdraw the probe and bring it up to the work again verifying the setting is in fact correct with no backlash errors.
Either adjust the error out now or just repeat the process for a fine setting. I usually don't bother to futz about on one side and just repeat, unless its a rough job, as its just about as fast to repeat. Odds are you will need a repeat anyway.
Go round a third time and verify that you have it right. If not adjust as needed before verifying again.
Now do the other pair of jaws.
I generally do the third, verification, setting on all four jaws after (hopefully) getting them all right on the first two rounds.
If it has to be dead nuts repeat using a plunger type dial gauge in place of the solid probe. Lock the cross slide and rack the saddle down the bed so the gauge is safely out of the way before turning the chuck.
Works fine with rounds too but I just use an indicator at 12 o'clock, sometimes 9 o'clock, and eyeball chuck rotation.
Clive