Er 40 Collets

I need some opinions here. I am interested in using ER 40 collets on my south bend 9" lathe. I can make a holder that screws on the spindle and would have the 3/4" through hole capacity, BUT, I can buy a 3 MT ER 40 chuck that will fit into the 3 MT spindle taper for $50. The only drawback is , it only has a 1/2" through hole capacity. I am trying to figure which is the better option. I don't know what to do. Any opinions here?

Also.....I'm not sure but with the MT adapter...some use...

Er 40 Collets