5C in the tailstock is not really an option though I'm sure someone will post a 5C chuck mounted on a MT taper
On a lathe like the CL430 you don't have a lot of distance between ctrs to start with. A typical 5C chuck will cost you about 120mm, an ER on a backplate maybe 60mm .
5C are generally easier to hold short work pieces in but as said you need one for each nominal size you are liekly to hold which is more of an issue if using for work holding too.
Another advantage of 5C and ER on a backplate is that you can pass long items through teh collets into teh spindle as they do not need adrawbar to tighten the collet, only an issue if work holding as milling cutters won't extend that far into the spindle.
Forth option would be a couple of Weldon type holders to suit common cutter shanks which would place teh cutter a little further out of the spindle than MT if the reach is needed.