No lathe to do the turning? Just stick the arbor's pilot bit (or a suitably small hole saw) up into the chuck, and fix a lathe toolbit to the mill's table, and you can do some lathe work on your mill. Take very light cuts, though, since there's no tailstock, and the mill's spindle isn't as strong as a lathe's.
One reason you might not see hex collets in high-torque milling machines is safety: if something jams up the tool badly, a round collet will just slip and spin, but a hex collet won't. This can transmit huge forces that will tear up the work, machine, and operator!
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