Yes a collet has a range of sizes it can fit. ER11 collets in metric have a 0.5mm range. So a 6mm collet could fit a 5.5mm > 6mm shank tool innit. But best to try to get and use collets as close to the shank size you are using as you can.
3. Yes that's right. Mach3 can do lots of complicated things and has lots of complicated settings you will never need bother think about, don't be scared of it. So your workflow will be:
1. Draw part in CAD
2. Program toolpath in CAM (v-carve)
3. Open toolpath in mach3
4. Load the correct bit, set workpiece X/Y/Z zero
5. Press play
6. Watch chips fly
7. Crash
8. Swear
9. Repeat
With a little bit of hands on experience you will learn how to skip 7 and 8.
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