Les,
I started off with the Ferm lathe and the chuck that you are refereing too. The lathe was fine to learn on, but the chuck was a waste of time. It took ages to set up correctly, and even then it didn't grip very well. After the second catch, and the lump of wood wizzing past my ear for the second time I gave up with it. I used the faceplate with 4 off 3/4" screws - probably a bit of overkill, but at least the wood never came off, no matter how bad the catch!
As I became more experienced, I saved up my pennies and eventually bought the Record RP4000 chuck (which fits a 3/4" x 16 tpi spindle), and I have been really pleased with it. You can tighten it up with one hand, the gearing isn't exposed so it doesn't get gummed up, and there are loads of jaws available for it.
When I changed my lathe, I got a Record so as the chuck would fit the new one.
Hope this helps.
Gary