We need a drift pin to easily remove No. 3 morse tapers from the lathe and the drill press. Also, could not find a chuck key for the large chuck. Here is info from MSC Direct:
Interstate - Drill Chuck Drift - For Use with 3MT Tapers MSC#:00074039 $5.26
Jacobs - 7/16 Inch Pilot Diameter, Drill Chuck Key No. K5 MSC#08592867 $25.60
The chuck is not running true, and one of the jaws is broken. Following for information only.
Jacobs - JT5, 3/8 to 1" Capacity, Tapered Mount Drill Chuck - Keyed, 3-21/32" Sleeve Diam, 4-1/4" Open Length MSC #:08592867 $509.78 (ouch!!)
Jacobs - Drill Chuck Service Kit - Compatible with Chuck No. 20N, For Use with 1 Ball Bearing Drill Chucks MSC #:82470402 $222.48
This would fix the jaw(s), presumably fix the run-out.
Jacobs - 3MT Shank, JT3 Mount Taper, Drill Chuck Arbor - Morse Taper Shank, Jacobs Taper Mount MSC #:08591810 $27.18 each
Taper may be cause of run-out. Not great shape.
Jacobs - Drill Chuck Removal Wedge Set - For Use with JT3 Tapers MSC #:08592941 $14.84
Necessary to remove existing taper to replace with new one.