Yes a 3 jaw can be, just like everything not all lathe chucks are the same, if a lathe is set up with a good buck chuck I would argue its a better setup, especially if set up with soft jaws that have been ground or cut to the same diameter as the barrel shank, A standard engine lathe 3 jaw chuck is not adjustable, whereas a buck chuck has multiple adjustment points that allow the operator to adjust runout, one can adjust runout to absolute,