For those interested in saving your old Quickchuck bits or 1/4" shank 3rd party bits the hard pressed adapter can be purchased separately http://store.carvewright.com/product...cat=284&page=1
and pressed onto your bits using a 1/4" drive deep well socket and a heavy duty vise. Using a good vise I had no problem pressing the adapters but they are very tight, I think I remember using a short pipe on the vise handle, if you have trouble heating the adapter with a propane torch
will expand the adapter and make it easier.
See the attached drawing below.