I would go with the 5/8 keyed Jacobs chuck, and not an self tightening chuck, as they cannot be used for tapping. Personally, I seldom remove the center from the tailstock, as I do all my drilling and tapping from the MT Aloris tool holder. Using the tailstock for drilling is not a real good idea, unless the quill has a tang slot for increased driving torque; all you have to do is have a drill hang up and spin in the tailstock to create galling and consequent inaccuracy in locating the center. Besides that, drilling and tapping from the toolpost is faster and easier than by the tailstock; you don't have to back the quill to eject tools, and clamp/unclamp the tailstock for different operations.