Well that's pretty awesome!
What I'm not sure about is the amount of torque being used on the nut. Normally that torque is applied between the shaft lock wrench and the collet wrench. Here, you've got the shaft locked at the spindle and trying to move the spindle around to get the collet to close. Some collet situations require more torque than others. I can already see the rig flexing, the shaft lock starts turning, although that specific one is an easily solvable problem in itself.
The other thing is that tooling isn't fixed inside ER collets. There is some spring force holding the shank in, but it's not rigidly fixed in place.
I'm thinking how to try this out.
Danny
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