Several good options are available depending on your budget. Penn State industries sells several 4-jaw kits for under $200 (with one being under $100) that include several jaw sets which are interchangeable as needed. The main diadvantage with these chucks is that they are usually not machined as precisely as some of the more expensive chucks, but from what I have been hearing the quality has gone up recently and so they may do all that you want quite well. The G3 by Nova is a newer chuck that is getting good reviews, and then of course there are the old reliable standards, the Oneway scroll chuck or the Nova scroll chuck, each weighing about 3ibs each, which will not tax your 1x8tpi spindle. Some people regularly use either the Oneway Stronghold or the SuperNova chuck - both of these weigh considerably more, and with a large peice of wood could damage the spindle or bearings (but I have used these both without a problem so far.
"Keep those shavings flying!"