For a 1" facing endmill, you don't necessarily need the integral shank but yes, a 1" like that is fine. I have this set of endmill holders: http://www.shars.com/products/view/866/Precision_R8_End_Mill_Holder_8_pc_Set and this is what you insert standard endmills into. The endmills have a flat spot ground into the shank for the set screw to keep it from spinning. That is called a "weldon" shank. So, you use these R8 to Weldon adapters and from there, virtually all tooling and bits are available in Weldon shank.
My stated preference before about integral shanks was not very clear... Sorry bout that. My intention was that is the preference for facing tools, boring heads and big attachments etc... Again, sorry for not being clear about that.
For basic milling, endmill holders are desirable. Some folks use collets but that's a mistake because, nothing prevents the end mill from getting pushed up into the collet since there is no set screw to fit into the flat spot on the weldon shank. So, you mill a groove that starts-out at say 30 thou deep and ends up being only 15 thou at the end of the cut. You can tighten the heck out of the collet and the bit will still slip upward =so you tighten a little more -and before long, you'll have a collet stuck in your quill. Also, endmill holders protrude an inch or two further out than collets and that gives a little extra clearance for the quill head as you move the table back & forth.
Anyhow, with those endmill holders, you can get any "smallish" tool you want including a 1" indexable endmill like this: http://www.shars.com/product_categories/view/8060201/Weldon_34quot
Ray
In my short time with this mill I have experienced that slip with my collets. I'll look into these style holders as well.
Again, thanks so much for the incredible info. It is a great help.