We use er25 at the museum, and have two sets of collet spanners, for up to 8mm diameter the standard length is fine, and extended ones with 12″ long handles for the larger endmills. I chose er25 simply because endmills over 16mm get expensive. However, if you intend to use er collets with the lathe using a plate, then larger is better because then they will be holding work rather then cutters. There will be a slight loss of Z height with larger collets in the mill which might be a factor with a small machine.