Yes, you can use 3MT collets with a 3/8"-16 drawbar for holding milling cutters with shank diameters up to 3/4". However, the 3MT collets are only available in 1/16" increments and have nowhere near a 1/16" range. So in practice they are not suitable for holding general work.
For holding tubing and solid round stock, you may use either 3AT or 3C collets with a draw tube and the appropriate 3AT or 3C to 3MT collet closer. Note that the 3AT and 3C closers are very definitely not interchangeable but are close enough in appearance to the same that if you have both, you had best mark them somehow. The primary difference is in the female taper. Both collet families are available with ID's of 1/64" to 1/2" in 1/64" increments. The draw tube's internal threads are actually effectively the same except that the spec is in common fractions for the 3AT and in decimal fractions for the 3C. However, the collet lengths are significantly different so to use one draw tube for both, the length must be adjustable or you need
a spacer with the 3C;s.
You may also be able to buy or make an ER type (usually either ER25 or ER42) collet closer that may have either 1-1'2"-8 female threads or a 3MT arbor and draw bar. The 3MT version has the disadvantage of not being able to pass long stock through the spindle, so should generally be avoided.
One comment that I will add is to NEVER EVER attempt to use either a 3MT collet or a 3MT cutter holder or an ER closer on an MT arbor without using a drawbar. There are a lot of tanged type cutter holders around and a few arbor mounted ER closers but if you use one without a drawbar, it is pretty much guaranteed to come loose and ruin the part that you are milling or turning, probably when it is almost finished.