If your lathe has a 2MT mandrel, and you want to pass work through the mandrel, there is less point in buying a chuck larger than ER25, (which hold up to 16 mm-which is bigger than the bore of the Mandrel )
If you have the 4MT Mandrel then ER32 collets go up to 20mm, ER40 to 26mm. But the larger sizes do not cover the smallest sizes ( ER25 – 1 mm, ER32 – 2mm, ER40 – 3mm)
If you really want to have work absolutely central, then a 4 Jaw Chuck and a Finger Clock is the route to take.
But Collets should provide a quick and easily repeatable way of holding work central.
The ER system has the advantage that the Extended Range allows Metric or Imperial material to be held in the same collet, within limits. Usually the range is 1mm in the larger sizes, 0.5mm in the smaller
Howard