My thoughts
1. Aluminium will soon dent and ding so not an ideal surface to be indexing against especially once you have been rubbing it about on stray abrasive from your sander.
2. Aluminium may gall resulting in the adaptor sticking and the drawbar roughing up the end unless additional washers are used.
For these two reasons I would go with steel.
3. Why add the added possible runout of an adaptor when you could machine a socket to take the WW collets directly, these need both taper and parallel surfaces. Much smaller hole required so more Sherline friendly
4. As the WW collets have an external thread how will a bolt work to tighten them, you need a drawbar with a female thread or ideally a draw tube so you can hold long lengths of pivot wire etc which is better than holding stub ends.
This thread may be useful, just make them longer and use a drawtube rather than nut
If you still want to go down the aluminium/ MT1 route then just bore it out parallel and Loctite in one of these.
Edited By JasonB on 08/08/2020 19:41:06