Okay, I've been thinking about this and now I get it. I see the advantages of using an ER-32 collet chuck on the mill. I won't have to keep changing collets when changing end mill sizes and/or drilling. They come in 1/32" increments which is useful when power tapping since I'm having trouble holding taps in the drill chuck and R8 collets because the tap diameters aren't standardized. I think the ER-32 collets would solve this. Plus, they have a lower runout.
So, I'm expecting my ER-32 lathe collet chuck from LMS today. I already received the Techniks collet set from All Industrial. Very nice looking set.
I might have to order an ER-32 collet chuck with R8 shank now! Any recommendations? LMS has one on sale? Do I need a higher end one? Shars?