I expect the reason the taper appears short is that the spindle bore is larger than the standard small end diameter of a #5 taper. 1.4750 is the standard small end diameter. The main thing for accuracy in your collet holder is the taper angle. If you use a test indicator, you can run it in and out of the spindle hole to duplicate the taper, but you must have the contact tip on center. Above or below center will not read the internal taper accurately.
As Dalee said, since this is a low angle taper, the ratio between diameter and linear position is somewhat high. A few thousandths in diameter will make a large change in seating depth. Start off intentionally a little large on the big end, and simply face off to the correct length for your design.