Ductile cast iron, unless you already have the SS. There are some grades of Stainless that machine easily, if you do your homework. We have some beautiful pieces of stainless laying about at the museum, but I wouldn't want to machine any more of it.
The machining of ductile cast iron is so much cleaner than the common stuff, I have a 160mm unmachined cast iron chuck backplate on order from Chronos which I will fit to the Atlas, which has a 1 1/2" X 8? thread like a Boxford, I am not looking forward to the mess.
As for differences between three and four jaw chucks, the physical differences are obvious, so the placement of the fixings and registers varies. My 6 3/4" Pratt with the serrated jaws has three fixing studs directly in line with the centre of the scroll. A four jaw independent is easier to make if the register is inboard of the screw bearing blocks. I notice that the OP's four jaw is the other way round.
The bolts will only have shear forces on them if you forget to tighten them.
Edited By old mart on 16/09/2019 20:25:53
Edited By old mart on 16/09/2019 20:29:39