An Amolco was my first mill, made of one of the original heads and a base made by a company in Baldock that bought the designs from Mole later on. The base was a nice bit of engineering, the head not so good, the vertical key combined with the split casting wasn't clever at maintaining alignment when you applied downfeed. Its other big problem was the limited daylight between spindle and work, especially when you fitted a vice.
I did buy a Posilock chuck for it at considerable expense and in retrospect wish I'd just bought MT2 finger collets for use with a drawbar, because of that lack of daylight. The machine is also not all that rigid, having a lot of overhang and having to have the head a couple of inches higher because of the chuck doesn't help.
I don't know why you assume the cutters will move in the Myford collets, they shouldn't if properly tightened and you don't get too ambitious with cuts (which on a machine with limited power and rigidity isn't advisable anyway). Sharp cutters help too.
If you have the Myford collets that have a closer nut then treasure them. The collet closer tube is vital – it allows you to close down the collet so the nut will locate in the groove just behind the nose, so that as well as tightening the collet it will also extract it. If this isn't obvious then say and I'll post some photos. Before you spend money on a posiloc type chuck I suggest you try using the collets you have, possibly with some new sharp cutters. If you do decide to get a collet chuck then most people on here seem to find ER types very satisfactory and much cheaper.
Going back to that keyed column, it's very important that when you apply some down feed you then re-tighten the clamp otherwise the head gets deflected sideways by cutting force.
I made a significant modification to my column to get more daylight. This involved three things.
- I fitted a new, longer key (a piece of key steel IIRC) to allow more travel.
- Also then needed a longer leadscrew, which I wanted anyway as I'd bought a metric base and wanted metric downfeed. Also needed of course a new feednut.
- I made a new fitting for the top of the column which added 50mm or so to its height and held a plate for the feedscrew bearings. The head didn't actually run on the extension, it just allowed the head to make use of all the existing column.
Had I kept the mill I think I would have changed the motor to 3-phase with a VFD, but I was finding it a bit too small for what I needed at the time.