Mosey,
For a collet chuck, 0.003" is way too much runout, it has to be at most a tenth of that figure otherwise it is not worth fitting, you can get better results using your normal 3 jaw.
There is really only two ways to go about it to achieve the required accuracy, and I have used both methods.
The first is to attack a commercial one like you have already bought with an internal toolpost grinder, and true up the taper whilst it is fitted to your spindle. I have done this with four of my own 5C collet chucks and two ER collet chucks for friends who own Myford lathes that had the same problem as yourself with commercial units (I can convert my lathe to a perfect running Myford nose rather than the D1-4 that it normally is).
I would not recommend trying to true up the taper with tungsten tooling because so little has to be removed, you could almost guarantee that the taper would get buggered up trying to do it, grinding is really the only way.
The second method is what I have already shown you, make your own.
You say that you can't do metric threads on your machine, but I will bet you that you can. With combinations of change wheels, you will be able to cut metric threads close and good enough to use for this job. I used to do it all the time on my old all imperial Atlas 10F, it's operating manual came with all the threading charts in there for doing pseudo metric. You just need to be able to screwcut by the permanently closed half nuts method.
John
PS, have a look at my signature line, I swear by it.