SECURITY NOTE: WARNING!!! This solution must not be used to mill! (maybe to drill?) .

"this may work, but drill chucks are not designed to take side loads as that seen in milling operations... do not be surprised if the tool loosens part way through a cut... they also do not hold the tool centered as well as a collet... and we have those that aren't happy with the accuracy of the MaxNC collets to start with... a drill chuck is going to be even worse...

I would feel somewhat irresponsible if I had this discussion with you and let you carry on thinking that practice was just fine, only to end up with you damaging your equipment or suffering an injury... At least by informing you of the reasons it's not done that way, you get to make a more informed decision, and proceed at your own risk, knowing what those risks are.
"

Gail & Bryan Harries from http://groups.yahoo.com/group/MaxNC-users

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I've made this little support to hold a drill chunk on the mill .
so i've no problem with cutting tools (maybe the smallest one) that don't fit inside standard collets. I've used brass as material.

I've buyed a drill chunk with a 1/2 inch - 20 thread . First step was to make thread and the holder to the Maxnc spindle support.

 

Then fixing the support on the chunk and closing the chunk on the lathe (as show in the next figure) i've worked out the cone (15 degrees). In this manner I obtain a perfect centered cone.

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