Jon
You shouldn't need to have recourse to a 5lb hammer!
All that a Morse taper needs to be tightened sufficiently to avoid the drill chuck or whatever is in the mill taper.
However, I DO agree with utilising cheap metric studding and obviously nuts to make- all sorts of things. I make my own tee nuts from them and square stock and depending on how the mood takes me, I either silver solder them or give them a flash on my little Mig welder.
Actually, I have a bit of rod tapped to go into my various chucks but with a bit of hexagon threaded couple which has been welded on. You might find in practice that other chucks are threaded Whitworth, Fine or Coarse, Metric or UNF and the common sense view is to have the across flats of all of them to take the one spanner.
If you haven't come across such needs, you soon will. FWIW I can interchange Morse tapers on my Myford , the Sieg C4, the mill drill, the tool and cutter grinder and all the various rotary tables and dividing heads- apart from my little 3 inch one. You may want to consider a a pair of MT reamers, one for roughing out and the other for finishing. But I digress a bit as you may need a reamer if you have raised a burr in your mill- or need a scraper or fine file.
Sadly, these things happen
Regards
Norm