No, the tray way indeed about $18. I was referring to the MT5-ER40 adapter running $180.
One advantage the 5C setup has is that I can buy a decent 3-jaw chuck mounted on a 5C shank. My lathe has a non-threaded flange for the chuck mount and changing or removing the chuck is a PITA. I guess I could mount a small 3-jaw chuck on something similar that could slip into the 1" ER40 collet, but the 5C version would definitely be more robust.
My problem with 5C collets is the limited effective range of each size collet. I never ran into a similar problem with my ER32 setup, and I had fewer collets for it than the 5C. Feeding through the spindle is nice, but the 4" or so that I can slide into the adapter is plenty for my use.
Another advantage to the 5C is that square and hex collets are widely available. Not sure if that's the case for the ER40 collets or not, but for the majority of my uses it just doesn't matter.
Long story short, I'm hoping the adapter will keep me from mounting and un-mounting the big 3-jaw chuck so often. The down side is that either way it isn't going to eliminate it entirely. A cam-lock spindle would be really nice. There are folks who have modified their PM1127 into a D1-3 arrangement, but that's beyond my comfort zone.
-Matt