While you could mount an ER collet chuck with a straight spindle using your 3 jaw or an ER collet chuck with a Morse taper adapter, the best way would be to mount it to the spindle face on your G8688 lathe.
Using a 3 jaw chuck with a straight shank will extend the chuck from the headstock and you will lose the ability to pass long pieces through the spindle. You will also have increased runout as 3 jaw chucks usually have intrinsic runout. That can be overcome by using a 4 jaw chuck and dialing in the concentricity.
A Morse taper shank would reduce runout but you lose the ability to pass long stock through the spindle. There is also a possibility of working the Morse taper out from the the spindle socket unless a drawbar were used.
An ER chuck mounted to a backing plate which is mounted to your spindle face gets your work up close to the headstock and should give you good concentricity. The central bore will also be available for passing long stock through the spindle bore.
It looks like the chuck is a direct mount to the spindle face on the G8688 lathe.
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