MLCS Woodworking has these collet adapters (bushings) that I recently purchased. Some sources of them are not so well made and have some run-out issues. I haven't used or measured these yet.
The image at that link shows you what they look like though. I made two 1/8" adapters a couple of years ago that work well enough and they just have one full length slit that goes through to the hole. I used cold rolled steel round stock, but brass should work well also.
CarveOne
CarveOne
http://www.carveonecncwoodcraft.com