The chuck you linked is really meant for holding a drills not for chucking stock for turning, but for a little small diameter turning you may be OK.
A simpler way would be make a bushing, take a piece of stock that will fit in the existing chuck(5/8-3/4) and make a hole in it the size of your stock, cut some slits in it so it will flex, and chuck in the lathe. You would need a bushing for each diameter of stock you plan to use.
Is there a 5C collet chuck and collets for that lathe, that would be best.
Last edited by wes; 04-06-2013 at 06:50 PM.