Ended up getting a full set of R8 collets instead of going w/ the e32 adapter……which IO would have in the absence of everyone’s advice.
Reasoning….. I haven't got a drill chuck yet so since I have a full set in 1/16th inch increments, I'll be able to drill anything I want. I looked very carefully at the ads, they all seem to be made out of Chinese-i-um so I at least got a set that claimed to have a specific amount of run out. I thought seriously about going with Cbags suggestion of getting the End Mill holder set but noticed that many of the endmills I have don't have a flat on them, Dabbler mentioned this is a problem after I had already noticed it. I also worried that they would have the same run out issue. I also bought a set that specified the material it was made out of. I tried to buy a “good quality set”, IE: not from China, but how do you know??? Many of the US branded sets may in fact actually be made in China. And who knows what a used set condition will be. Also....most "Name Brand sets are not marked...so how do you know you are actually getting name brand!!! I didn't see the suggestion on buying a metric set end time before I ordered. But I think that I probably would have gone with an inch set anyway,
Really appreciate all the good feedback. It was a big help.
I ordered a phase converter, I made sure and get one that was way oversized to be certain I didn't run into a problem with that. I will get to work getting it all hooked up and hope for the best.