The only problem I see with using a ball race outer is that it will flex and distort as you apply pressure from the jaws. I do agree that after grinding there will be a sweet spot in terms of holding diameter. However all that is asked for is that the jaw faces are parallel and not bell mouthed.
There is a wee bit of crooked thinking here.
Initially, a Griptru isn't a normal 3 jaw SC chuck. It has built in adjustment over a limited 'throw' So adjustment and comment about 3 jaw Myford chucks needs some clarification. Again, if the 3 jaw is a standard Myford one, it hasn't got a back plate. With a back plate, one can make it act as a Griptru. All that is needed is to widen the fit and elongate the adjusting screws. It's not new thought but merely that it is not known or has been forgotten. The two pundits that I recall were Martin Cleeve and Professor Dennis Chaddock. The latter was his Model Engineer article on the Quorn construction in the early part of 1974.
Let's move back to lathe jaws again. This has been flogged and flogged but the real answer is that unless it is only the jaws that are worn and the rest of the chuck is OK, you CANNOT renovate a worn chuck- without a lot of gear and even more experience. All that one can do is get ONE dimension. You can put on soft jaws and cut them but you return to my statement of ONE dimension.
However, if it is only the jaws that are bell mouthed, they can be re-ground to virtual normality. I've done it with nothing more than a router with a stone in it. But , and it is a big BUT Baron is right about the jig. If you tighten the chuck, you will be probably unlucky and here you OPEN the jaws against three pressure wedges of exact dimensions such as precision ground bar.
Let me take this a little further. The real experts( and that does not include me) always used ONE adjusting hole in a three jaw which gave the most accurate result. Again, the authority on this was the late Tom Walshaw who built his and described his engines under the name of Tubal Cain.
If this is a lot to digest, the correspondence is of far greater length and depth. This, humbly, is a very condensed but hopefully accurate précis.
Regards
Norman