Thanks clogs but I can't really afford to change it at the moment. I was hoping when I bought it, the dealer I bought it off might be able to provide some kind of backup/service. Sadly, that doesn't appear to be the case. Said dealer didn't even know what thread it was.
For the amount of use I require, a more expensive lathe isn't financially viable, although it would be lovely. But hey.
Thanks Roger, I suspected it wouldn't be. Couldn't be that straight forward could it.
At this point, I guess my only option is to go with the original suggestion of loosening the bolts on the faceplate and lightly tapping it until I get a good centre.
Appreciate your time gentleman, thank you.