Wayne, I totally agree. Some observations in addition to your post:
1. If you have a 3/4" spindle with 3/4" - 16 thread, there is a collet set that can be had for $28.95 from www.littlemachineshop.com - The 1/4" collet will fit the standard mandrel (.246"). The collets are 1/8", 5/32", 3/16", 7/32", 1/4", 9/32", 5/16" plus one blank collet, which can be drilled to size. I would call Chris on the phone before ordering. It was designed for Taig lathes.
2. The same Little Machine Shop has other collet arbors that fit 2 & 3 Morse tapers.
3. Same place has collets that fit directly in the Morse taper for $8.95. 1/4" and 5/16" are available, or a standard size could be drilled out to an intermediate size. These require a DRAWBAR, which is a 3/8-16 threaded rod, plus washer and a nylon wing nut, which I got from Lowe's. The drawbar is used to close the collet and hold it in place. DO NOT OVERTIGHTEN !!!!
4. IF you don't use the B mandrel frequently, you can use a drill chuck with Morse taper instead of a collet.
I am not associated with LMShop, but I have bought lots of stuff from them. Chris is getting used to penturners buying from him. He is very nice and helpful.