These will be for use on my mill with the main intent to eliminate using the drill chuck.
Personally I would find this to be a PITA. Think of a very typical drilling operation - edge find from a side or part feature, then spot drill, then regular drill, then maybe counterbore/chamfer/tap/enlarged drill... That's many different collect changes because there is high probability each tool shank will be different diameter. I mean, that's why chucks were invented LOL. Another mini disadvantage to R8 for drilling is collet is very high up in the blunt end of the quill. On small/short drills this can actually impair your vision of the hole a bit.
Would a R8 collet sized to a 32nd be able to take a tool 1/64" larger?
Never exceed your collet nominal capacity & also don't grip something too far under size. That's a good way to distort them.
One benefit of ER is the wider capacity from the perspective you can grip all kinds of endmills, imperial or metric (among other things). The average price of NAm EM's is pretty high compared to a lot of Asian offerings if you look in the right place. Now there are also legitimate EM holders to match your shank which are typically also have a set screw for the flat on the shank. I typically don't see them slip up to 1/2" diameter but I'm not really doing serious hogging.