Here's another suggestion on the 1/8" collets. Here's a link to a shopbot guy that might have a solution for you if you are using engraving tooling. Scroll to the bottom, it's the last article.

http://www.shopbottools.com/BradysTricks.htm

Here's another option.

http://www.rlspellmanmfg.com/index_bushings.html

Dave

Dave, thanks again
//chopper