See attached image.

One is split, and one is solid. I assume the split one is made to "clamp down" on the cutter. Do they both "clamp down" on a cutter and hold it tight?

I wouldn't just use the featherlite with the draw bar in place, but not use a collet? If I do this, won't the spring action of the featherlite be useless, as it won't be screwed into anything solid?

I only have a split collet, and don't want to purchase a solid one unless it's necessary.