Thanks for the thought, I did consider individual collets and a separate chuck, but it made my head hurt just thinking about what I'd need and what I'd get away with.
I bit the bullet in the end and measured a range of cutters and other stuff I've got - all sizes between 6mm and 13mm shanks, then I've my watch and clockmaking stuff which is way smaller than that across a broad range of sizes.
It also filtered into my brain that the headstock spindle on my Myford 7 is MT2, so I'll be using the kit on that too as I've a lot of rod stock to play with.
Ah well, off to exercise Google's servers some more .............