Please could you state your question more clearly. You say “the largest collet I have…”, which implies two things – that you have more than one collet and that something you have is less than 1/2″.
What size of tooling do you want to hold? What collets do you actually have?
ER collet holders are available on a straight shank. You will have to look in a place more geared towards the US market, but you will find one with a 1/2″ shank (CTC Tools out of Hong Kong is a reliable suppler). The slight disadvantage is that the holder will eat up headroom.
You call it a reducing sleeve, with the logic that it goes in the collet and makes its gripping size smaller but an alternative might be an ‘expanding’ sleeve that goes onto the tooling to make it bigger. Drill/bore/ream the inside to suit the tool’s shank diameter and loctite the tool in. That way, the sleeve does not need any ability to compress (it does not need to be split). A 13″ length of 1/2″ diameter silver steel would make many sleeves and has an OD made to an acceptable standard.