If I were starting now from scratch, that is probably what I would do. Fortunately for me, in a previous peak of interest long ago in things machine related I got busy on a kinder, gentler e-Bay and bought several mixed lots of 4-Cs until I was able to assemble a pretty good set of them (everything from 1/16" to 3/4" by 32nds as well as a scattering of 64ths. I had enough left over from my buying sprees to put together a pretty good "starter set" and since I was semi-active on "Milacron's" machining website, I sold them to another user there who was also trying to get started and made back a fair amount of my investment. I'm not sure I'll ever go back and finish my 64ths though... I don't know whether I would use them enough to justify their expense and effort. Of course I wouldn't turn them down if they fell into my lap! I'm wondering whether I can justify hunting down the square and hex holding collets, especially the 1/4", 5/16" and 3/8" as those sizes of specialty stock show up often enough around here, those collets might just be worthwhile.
Since I have that Atlas MFC Mill, I'll be gathering up #2 Morse Taper collets for that... of course they also fit the tailstock on my Lempco/Sheldon, so they will do double duty. There is even a Vertical Conversion I am looking at that which uses the #2 MTs so that means they will have even more utility. During a flurry of class-taking, I made up a #4 to #2 converter... I don't foresee using them in my lathe's headstock, but I could even put them in there in a pinch. The fact of the matter is, I can even put them in my big Craftsman Drill Press, but won't do it since I'm not sure I can get them back out without the tang.
After wandering so far afield, I'll re-pose my original question. Does anyone have the original Sheldon-supplied set of collets for their lathe and if yes do you recognize any difference between them and ones made by Hardinge or one of the collet specialty companies? I've got my own situation pretty well contained now but would be interested to hear how others are doing.
Froggie