I must say I'm surprised at the view on ER collets being expressed here. The Chinese ones that I got seem absolutely fine to me. I've had them a couple of months now and never had any problems, be that cutter creeping/falling out or runout. Maybe with time they'll loose the springiness but so far so good. Surely an ER collet should grip better than an MT collet since it's slotted on alternate ends so that it grips the whole length of the cutter.
I don't have a problem with the cutter dropping out onto the work since you just undo the nut until it's loose, pull the cutter out by hand, then undo the nut the rest to get the collet out. Maybe put a bit of paper beneath the cutter if you're worried about it falling?