Thanks shall double check to see if I can locate a #4 MT holder for 5C collets.
probably late to the party here, but a 5C collet won't fit in a 4MT spindle taper . Quite a few manufacturers offered a 4 1/2 MT taper which was a good arrangement - it created a taper just large enough to fit a 5C collet. I had a standard modern like that, wonderful set up....miss that lathe.
On one hand an adapter mounted chuck in the spindle is ideal, on the other hand staying with 5C collets makes a lot of sense as they are so common and have a decent capacity. To stay with a 5C you'll need a collect chuck (vs adapter and drawbar) that mounts to the spindle - is it cam lock?
The big name in the chucks Sjogren which even used trade at quite premium over the low cost ones, but are worth it imo. I held out and eventually got used D1-3 and D16 chucks with hardinge 5C and 2J collets. As I say they are a premium but will hold their value and offer the best performance.
The ER collet was originally used for for tooling while split chucks are for work. there's huge overlap and many use ER's for work and build wonderful things, but if have a choice, I prefer split chucks for work holding. The main reason is an ER chuck needs to grip over its length where as a split can hold short pieces.