Your 3 jaw chuck will be fine if you can arrange things so that all the critical diameters are turned at one go without the need to remove it from the chuck.
The problems start when you have to re chuck a part that needs to be concentric, the 3 jaw is not good for that.
A 4 jaw chuck overcomes that problem, but is trickier to use until you get the hang of it.
My dad always taught me that if you only have one chuck, make sure it is a 4 jaw.
Phil