Nuno's Premier League side squeezed past the sixth-tier Magpies at Victory Park thanks to Vitinha's stunning strike, his first for the club.
They had John Ruddy to thank for a string of fine saves, including an excellent stop to deny Andy Halls, as they just about avoided an enormous upset and scraped through to the fifth round – in which they will host either Arsenal or Southampton.
And the concerned Nuno said: "The areas (of weakness) are identified, this is what we're working on.
"We have to react better to the loss of the ball, more reaction, be stronger with duels. A lot of aspects need improvement.
"Everybody knows the quality of John Ruddy. He did well, he kept the team in the game.
"The scenario was created for a surprise to happen. We speak about that, the boys were professional and achieved what we wanted. I've been on the other side, I know what it meant for Chorley.
"I honestly think we should do better, but not in terms of our attitude.
"Tough conditions. Beautiful strike from Vitor, very good.
"We should do better. Chorley created problems. We're aware of the pitch but we adapted better in the first half.
"Credit for Chorley, they are organised, good striker that fights. They created problems."
Such was the barrage from Chorley in the second half, Nuno was forced to bring Ruben Neves, Adama Traore and Pedro Neto off the bench.
Next up for Wolves is a trip to Chelsea, back in the top flight.
"The FA Cup means a lot to us. We wanted to proceed, we achieved it," added Nuno.
"Now tough against Chelsea, it will require improvement from everybody. Let's recover well and prepare. The team needs to perform better, of course.
"I don't know if this game will stay in the memory of many people. The game was not the best."