Hi Eric,
I agree with the rest of the lads, ER is the way to go.
I felt the morse taper collet holders very limiting, so I made through chucks for my Colly Master at MT5, 1 for ER32 and 1 for the bigger ER50.
To make them versatile for both lathe and miller, I also made a 50Int sleeve down to MT5, to fit my Dividing head.
A few pics tell the tale.
Chris