I haven't got a Myford but I have seen several sources (e.g. Eccentric Engineering) quote the standard tool size for the ML7/S7 as 8mm or 5/16". I can't see any reason to use heavier tooling unless you happen to have it already or have found a very good deal.
The blue-painted tipped tool in the photo should have an easily machined shank that can be reduced to allow use in a standard turret.
When I made my QCTP I relieved the centre of the base and it locks rock solid with moderate clamping force
Neil