Ddhix – The collet adapter looks perfect, that is exactly what I have on my Vario-Lux lathe and it works very well. The imperial collets could be useful but convert the sizes to mm and see how close they are, .5mm difference and some of the sizes might be useful but if they are almost rounding up to whole mm’s then there isnt much point in having them, unless of course they are cheaper than a new set of metric ones or as spares. I would assume they are ER16 but to be on the safe side you can always e-mail the web site and ask.
I have heard a lot of good things about the Taig lathes, they are badged as Peatol lathes in the UK so bear that in mind if you are looking for parts, a quick search on the UK e-bay might produce something cheaper?
Mahlon – I have back problems but not as bad as yours! I am in the UK. 
Paul.