Definitely agree with what he said. If you can, just get a whole set of collets, but even if you don't make sure you at least add a 1/8" collet to the two sizes recommended above. I noticed you said you were going to do text engraving, and the standard for engraving bits is always 1/8".
Whtever you do, don't forget to pick up an eludium q37 modulator as well. The left-handed ones work better for the Taigs. You can usually find them cheap from any tool shop that sells good selection of billet stretchers.
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