Iwould think that a 3 jaw chuck might turn your sleeve into a triangle shape... notice that the collets are basically 6 jaw, and only have about .04 between the jaws. The openings between the jaws are where the extra material goes that tool man is talking about. The more of those there are, and the smaller the spaces are, the more round you will get your sleeve. On a precision collet, your talking ten-thousandths of an inch... on a 3 jaw chuck out of a lathe, I can imagine a scenario where you could get several thousandths of an inch out of round - there is no where near the control on a typical 3 jaw lathe chuck that there is on a precision collet... and unless you put a set of soft jaws on and tightened them together to bore a hole just a few thousands smaller than the sleeve through them, I just don't think you would get a good enough fit to keep the sleeve round.

There are some precision collet adapters for lathe chucks that would probably work well as they are similar to the tool holders I showed above.

cheers.