No one seems to have replied to you Hamish – probably because no one has tried this on a Colchester Student.
Well – I haven't either but I have fitted vertical slides to all of my lathes via the use of adaptor plates. This was partially because none of the vertical slides being used would fit directly to the cross-slides (even on the Myford S7 my Asian V/S didn't match the T-slots) – so the plates meant I didn't have to hack the lathe or slides about.
However, the other reason (in one case where I could have used the top-slide mount) was that the slide would have been off-set too much and I wanted the slide to be in the centre of the cross-slide movement. Once you have made the plate, you may also find other uses for it (mounting a travelling steady, drill/angle plates etc.)
One other benefit of using a mounting plate on "lighter" lathes is that bolting up accessories 'tight' doesn't tend to distort the cross-slide quite so much either (which was the case on my smallest lathe) – although this probably wouldn't be a concern on a Colchester.
Anyway – some things to consider. Hope this helps
Regards,
IanT