You could try just making an adapter 5C x MT5 and pretty much anything for a drawbar. I recommend you keep the handwheel as light as possible, since the wheel is tending to loosen when your spindle is spooling up.
I made an adapter 5C x MT4 for my lathe and found that it did not work very well. The problem is that lathe was not designed for a 5C in the spindle, so it was hard to get close to where the collet sat (the saddle wings would bump into the headstock). I ended up acquiring a Bison 5C collet chuck that mounted on the D1-4, it worked much better because it moved the collet outward about 5".
I have a small lathe that has the 5C configuration directly in the spindle taper - designed that way from the factory. They made it so the spindle nose projects out a bit, and the ways for the saddle project off to the left a bit further - no issue getting the tool right up close to the collet
The point being, if your lathe is designed to accept collets in the spindle nose, then what you are proposing will work great, if the saddle won't go far enough to the left, then you'll find you are having to reach over (crank out the compound, extend the tools or extend the work piece). That is when the D1 mounted collet chucks work better. There is a reason why those 5C chucks are popular, otherwise folks would just make/buy a simple sleeve + drawbar and be done with it (way cheaper). The reason is that lots of lathes need that protrusion outward to make a 5C set up useful.
Let us know how you make out.
