Once upon a time I had Myford 2MT collets for the S7, a 30INT Clarkson for the mill horizontal spindle and a 3MT Clarkson for the vertical spindle – but different designs, collets weren’t interchangeable.
Many moons ago I changed over to ER32 collets with appropriate chucks for the various spindles. A very good move, I’ve never regretted it, so I would definitely suggest moving over to ER collets.
I’ve never had a problem with end mills coming out of an ER collet, or slipping in any way. I do, however, use what I believe is called a milling nut if I’m doing relatively heavy cutting – this has some sort of roller bearing arrangement between the nut body and the bit that bears on the nose of the collet, so that less of the tightening torque goes into friction and more is left to close the collet harder.
I also use them extensively for workholding in the S7 – someone is bound to chip in that they’re not designed for this purpose, but worry ye not, they work very well in this mode!
A couple of points you should be aware of:-
1) The full bore length of the collet should be used for gripping work or cutter – never use less than 2/3rds of the length as accuracy will fall of dramatically.
2) Accuracy also tends to fall off slightly as a collet is closed down towards its minimum diameter, so they’re at their best when used close to their maximum diameter.
3) And it’s well worth changing over to metric cutters, because they fit the collets better – closing a 7-6mm collet onto a 1/4″ end mill takes a fair bit of spannering.
For a combination of 2) and 3), I don’t find them very useful for holding drills, and wouldn’t normally use them for drills in the range say x.1 – x.5 mm, where x = 2mm – 19mm for ER32 collets.
Oh, the size of the ER32 nut sometimes gets in the way when using short, small diameter cutters – Murphy inevitably decides that the nut will tend to clout the bolts holding the work down! Murphy gets put in his place by having an ER20 parallel shank chuck and collets, which can be held in the the ER32 chuck.