This is promising. Since I'm going to order another draw bar anyway, I can cut off the top of my current draw bar and then put it in my drill chuck. Spin on my 7/16 collet and sand it untill it fits properly. ThenYou could insert a 7/16 collet in the mill, then mount a 7/16"-20 rod in the collet. Screw a nut onto the threaded rod, then screw on the collet you want to work on using the nut to lock it in place. You could also use a drill chuck to hold the threaded rod but if you have a keyless chuck be sure to pay attention which direction you turn on the spindle so it doesn't unscrew.
install the newly modified 7/16 collet, fit the modified draw bar (now just a threaded rod) and sand the rest of my current collet set until they fit properly. If I'm careful and only go half thousandths or so at a time, this should work.