I have been thinking about going for a smaller ER setup for the mill because of the size of the ER 40's. My mill is small all around so I would never use large hole sizes in it anyway, I don't think. So, perhaps I will focus on a Morse taper #3 for now with the ER 40Collets and deal with my mill later. I have end mill holders for it along with a basic R8 collet set soooooo. I don't expect ultra low runout with these tools. I am only a hobbyist and don't demand ultra precision. If they are within .0005" I will be satisfied.
Thanks for the input.
Pere