Precise Bits has precision collets and their own collet nut available for the Bosch Colt (and other routers).
K2CNC makes a nice precision 1/4" - 1/8" brass bushing with a set screw to hold the 1/8" shank tool.
I have both.
I also made some of my own bushings on the mini lathe for 3/16" and metric size shank tools.
The Precsise Bits collets are the best IMO, but also the most expensive.
My home made and reamed to fit bushings are not to bad, but I have to keep the drill depth prior to reaming as shallow as possible to keep it straight. Maybe 3/4" without to much drift for 1/8". The biggest cost is the precision reams for each size bushing.
I still have a Bosch Colt on my cheap gantry machine, but I am running a PC690 on my main work horse now. I have a 1/2 straight shank ER16 collet chuck in it, and that works nicely for that application.
I might add that the Bosch Colt has had some inconsistent chuck tapers since early 2011. Precise Bits documents this on their website and has a cool simple solution for those that are not consistent.
Bob La Londe
http://www.YumaBassMan.com