Russ, make sure the tap guide you buy has a reversable tip. It should have a point on one end and a dimple on the other. This means you can guide either type of tap.
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Here's a couple of pics. One tap is American Tapco which comes with a flat pointy end, but no little hole. The other tap is English, Sherwood.
I have ground all my USA taps to a sharp point to fit in the guide dimple.
Both taps can be used in any wrench, either collet type or T bar type. But The collet type takes up valuable lathe bed length. ( yet another reason to get a proper sized lathe :wink: ) But most collet wrenches do have a hole in the end and are fine if you have the bed length.