In a perfect world, yes. In a real world of compensating for quality issues at this price point, maybe not. There are people who did exactly as you've outlined only to discover that the chuck side runout was not exactly concentric with the backplate recess (factory issue). So machining the backplate boss perfect can still result in some runout. You could certainly start that way & hope you got a Friday chuck, not a Monday chuck & you're home free. But if you discovered 0.003" runout with the mounted assembly, then only option is take that amount off the backplate boss, dial it in & basically adjust/tighten the bolts so it stays put. Some people find this holds up over time & others claim it needs an occasional tweak. If you don't care about this kind of runout for your work right now, may not be worth the effort.
There are chuck systems that have adjustable set screws to dial in concentricity but its kind of a dedicated chuck + backplate system, both the chuck & backplate are specific to this. Bison calls theirs Set-Tru, Gator calls theirs Tech-True, both I think are adaptations of the original Buck chuck expired patent... but I digress
One thing I was wondering to myself is make it a bit loose as described, then on the final bolt up, use a slow cure metal grouting epoxy in the annular gap once dialed in perfect. Then theoretically the chuck can't slide & migrate off path. I just don't know if this would ever come apart so bit of risk there.