I had a new chuck that was way out also. I took it apart, cleaned and
lubed everything and no change. Then on a whim I rotated the jaws one
position away. Bing. Right on.  Now I have the jaws marked as to which
slot for each one is correct.  Or as I expect that many do, get a
supply of shim stuck.

Re the ring thing. The jaws will set differently using a ring as you
indicate. You need to clamp the jaws in a ring and wind them in as you
say. Then grind the divots as one said. If the jaws are shaped such
that a ring will hold them then the clamping thing will not be
necessary.

Bob  AZ