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Most 4 jaw chucks are independent and should work quite well to accurately hold a part on a drill table (make sure it is of the plain back variety however so it will lay flat) but the setup would be a lot faster and easier with a good milling quality cross slide table. This would be even more of a consideration if the part being drilled had to have multiple holes drilled in a pattern. If this is to be an operation that you plan to do often then using a lathe chuck, while it would work, could get to be a hassle.
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