I made this specifically to trepan a thin part.
This is more or less the same as my thoughts but your design has a few improvements I like.
I am a fan of custom collets. I make them all the time. So it's quite natural for me to head down that path with this problem. I was gunna shoot for the same 1 thou fit but with only one slit. I reasoned that a really close fit didn't require distributed compression. Positioning the one slot halfway between two of the jaws would permit me to index the collet to ensure a perfect non-elliptical center in the degree ring. But I think three jaws isnt hard to do and would guarantee that outcome. It solves another problem I've been noodling too - how to bore the degree ring when it is sitting flat against the check jaws. I was going to make another ring for that purpose alone, but a collet like yours could have that feature integrated right into the collet itself.
A few other points for discussion.
1. Is it better to have the collet ears articulate about a central hub, or is it better to make the backplate solid but very thin at the outside inner corner and have the plate articulate like three ears around an inner outside rotation point - like bending just your finger tips but not your fingers to hold the degree collar. I wish I had modelling capabilities to evaluate this, but the old fashioned build and test works too.
2. The degree ring needs to be adjustable to calibrate it to my compound travel. Should the degree ring be a perfect fit to the plynth or should it have 3 or 6 points of contact that are deformed for installation and then released to hold or should I just use a few tiny grub screws?
I am gunna noodle all this for a while. But I need some plate anyway to make an indicator base for my lathe (yet another great lathe improvement project
@Dabbler suggested). So I think I'll get a stock order in process right away.
New fresh ideas or improvements or even just discussion are still always welcome.