I turned my Craftsman floor standing drill press into a mill press by having a friend use his lathe to bore the spindle for 5/16" shafting. To make sure the drill press would survive I bought a spare spindle from Sears before he started. The drill press has MT3 tooling which consists of a few holders 3/8", 1/2, 5/8" and 3/4". Along with that a couple of stub arbors and a boring head with MT3 shaft. I used it principally for milling aluminum castings for my Gingery Lathe. Don't think I ever used the boring head.
Once I bought my mill with R8 tooling I did buy an MT3-R8 holder. extends about 1.25" below the bottom of the spindle. And then the MT3 would fit into that. Not sure why I bought it or the MT2-R8 adapter. Haven't used either.
Key thing to remember, especially with a small mill is that you don't have a huge amount of height from spindle to table. Especially once you add a vise. Wasn't an issue with the floor standing drill press.
Using R8 with the flattened 3/4" (19mm) TTS collet means the R8 tooling doesn't protrude far. For that matter although you want to go CNC eventually, R8 collets holding say a 1/4" mill also means you get maximum distance from tool tip to table. Your MT3 tooling won't give you that. You automatically lose about 1.25" or more with the holder.
Here's the drill press. Although not measured there is not a large distance between the end of the fairly small diameter spindle and the back of the drill chuck. But add in the tool holder like in the next picture and that subtracts from milling height.
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So here's the R8 to MT3 adapter holding a 3/8" MT3 milling cutter holder and a ball mill. It's at the 5" mark that the R8 taper begins. Even if the spindle on the mill only protrudes 3/4" from the quill of the milling machine you still have 2.5" + 0.75" = 3.25" sticking out. Compared to fitting that 3/8" ball mill directly into a collet. I can take a picture of that to show the difference after I get back from doggy walk.
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