Is it only at the end or the whole length of the mandrel? Any run out at the solid portion or only at the petals?
If the mandrel has been over tightened - that can set things off center. If expanded beyond the yield point the petals can be bent and not return to original position. AND.... typically - there will be one petal (sometimes two) that bends first - which in turn - can leave things off center at the end when a blank is installed and expanded. And this can happen if your blank bore is too large (most drill bits go oversize at least a little... and some A LOT) so it can be done inadvertently if you have a drill or setup that goes way oversize.
But without knowing where and how much run out there is - its hard to even guess if anything could be done - but odds are high that if the mandrel or petals are bent - it will take more to straighten it than to buy a new one.
Ive never been a fan of brass mandrels - but I understand why some folks like em... easier on tools when you slip up and hit it, and some like that they expand easier then steel ones - but there in lies the rub... easier on tools and easier to expand means softer - and softer bends easier and also wears faster. Of course there are some soft steels out there too... mandrels made from 12L14 steel are pretty soft too, but tougher than brass yet not as hard nor as tough as say 4140.
Tensile Strengths and hardness (Rockwell B scale):
360 Brass: 58,000 PSI - Hardness 78 Rb
12L14 Steel: 78,300 PSI - Hardness 84 Rb
4140 Steel: 95,000 PSI - Hardness 92 Rb
Of course, you can darn near bend anything... just a matter of the proper application of force...
Each mandrel I carry has its pluses and minuses... as do all the mandrels out there... And given normal circumstances and care - they will all last a long time. Some might have a more steady diet of replacement expanding screws, but a little dab of grease can go a long way in helping curb the appetite :D
Personally I treat expanding mandrels as a consumable - with the pleasant side effect that when cared for, they can last a long time barring any accidents... and some longer lasting than others.
I say pic one that makes sense to you and carry on :D
Aaron is spot on as well. The reason why this happens is visible the collet nut. Look inside of the nut - youll see an off center bore - that creates a "lip" on about 1/2 of the nut (yes its visibly off center and yes it really should be there and be like that :D). That lip is what the groove in the collet clicks into. Youll also see in front of that lip a tapered smooth surface just inside the end of the nut. The lip is there for ONE purpose... to pull the collet out when the nut gets backed off. When you put the collet in the chuck without putting it in the collet nut first - its that lip that is pressing on the front taper of the collet into the chuck. And since its not concentric to the body of the nut and chuck it gives you lopsided pressure on the collet and the collet doesnt get pressed in the chuck body straight like it should be hence the run out. When you click the collet into the nut - the tapered surface on the nut is pressing on the tapered front end of the collet (the short little bit of taper at the front of the collet), and that is pushing it into the collet chuck. That taper on the nut is concentric to the nut and the chuck hence everything goes in nice and straight. NOT clicking the collet into the nut first, or even the process I have heard some use - of putting the collet in with nothing in it, then the nut, tighten til you hear a "click", back off the nut some and install what ever your holding - will likely do much else other than damamge the nut, the collet, or potentially both as well as the possiblity of abnormal wear in the collet chuck body over time.
Cheers
Wade