Has anyone tried split bushing adaptors they are cheap about $5.00 instead of the more expensive type. I get them from Lee Valley.
I use one for 1/8" bits. It was something cheap I ordered online (Amazon I think).
It has worked fine for me so far, while I am sure it is not as accurate as the precision collets. Only thing I learned is that I have to tighten then re-tighten the collet to ensure my bit does not slip up into the collet further on plunges.