I made up an arbor to fit into the tailstock, on which slides (loosely) a shop made body for ER collets.
The body is tapped for an anti rotation bar, (Which rests against the Toolpost) and the collets grip tightly enough to drive the Tap (Depending on how tightly you clamp it) so that if there is a jam ujp, the Tap slips in the collet, avoiding a broken Tap and scrap workpiece.
The loose fit, body to arbor, allows the Tap (or Die, if Die Holders are used) to self centre, so it pays to put a slight chamfer on the leading edge of the job.
Since the new thread has only to overcome the slight frictional load of the loose body on the arbor, there is minimal risk of stripping the new thread. (Even ME40 threads survive and they are only 0.016″ (0.4106 mm) deep). Recently 8 BA holes were tapped, under power, using this kit, so it seems quite safe.
Howard