Some good answers folks, thanks.
I saw this video.
https://youtu.be/PqU5wS0J4MU
But I’ve not been able to get a suitable small straight shank arbor. So I’ve decided to go the route of using a small ER chuck with this setup instead. I managed to get a chuck for £7.29 and a set of collets Range: 1mm, 1.5mm, 2mm, 2.5mm, 3mm, 3.5mm, 4mm, 4.5mm, 5mm, 5.5mm, 6mm, 6.5mm, 7mm, 1/8 ,1/4 for £12.84 from Amazon.
Here’s the video. For drilling I can just slide the chuck in and out of the MT2 arbor I’ve ordered.
https://youtu.be/L0ZTw5J8oTE