If you are using a Clarkson type collet chuck, then NO, you cannot use a spacer. The collets in these chucks do not grip the cutter tighlty, their function is to provide accurate alignment. The cutter must be in firm contact with the taper at the rear of the chuck in order to lock the cutter in place.
Drill chucks are not designed for the forces placed on them by the action of milling, in addition, milling cutters are invariably hardened throughout, therefore a dril chuck will not be able to grip them adequately to prevent rotation/displacement of the cutter, in addition, you are likely to damage the chuck jaws.
Long series endmills and slotmills are available, try
Tracey tools they have sets advertised on their website and will probably be able to supply individual cutters as well
regards
Graeme