Jay, I got to ask if you are using a small lathe to do this? and if you ever have runout on the bottom of the ring groove.
The reason I ask is; if there is runout, you can easily adjust it, if it is pulled up against the chuck with a drawbolt. ( a truing cut, plus a small inset 10-20-thou bigger than piston, will aid setup )
The other problem I have with your method is the lathe I usually use (16in) has too much startup torque, For the amount I would feel comfortable with clamping the chuck on an aluminum piston, it would probably fly out, upon restart.
Just a warning, I would not even sweat it on my smaller SouthBend, I can slack the belt tension and soft start it if necessary..