You have to look at this two ways – is it a safety issue or is it about getting the best results?
Chucks are not designed to take side loads and are less accurate.
The risks are two-fold:
- The big one is the cutter walking out of the chuck or being pulled out by the work or even the chuck itself dropping off its taper. This is only likely with larger cutters and could pose a hazard if the cutter could be thrown out of the machine or snap.
- The smaller risk is that the inaccuracies could lead to spoilt work or chipped cutters.
The danger of a flying or snapped cutter is always present in ordinary milling operations, if not as likely – has anyone here NOT snapped a cutter in a proper milling chuck? A chuck falling off its taper rarely causes anything to fly around. If you avoid using large cutters or heavy cuts you make these problems less likely. The ordinary safety gear you probably use already (guard, goggles) should protect you from serious injury from a smaller cutter if it came out. So we can manage that risk.
The risk of spoiled work/chipped cutters is much greater and is something that each person can only judge according to their equipment and the job in hand.
In summary, it's not best practice to use a drill chuck, but common sense can mitigate the safety risks and experience can tell us when other problems might occur.
Neil
P.S. holding cutters in three-jaw lathe chucks is a special issue – hardened cutters are not held as securely by hardened jaws.