Well right (I hope correct) turn in approach to this problem. Took the draw bar out of the machine to day. Looks like the right thing to do is to just make a new draw bar. Mabey eaven with an improvement. The bar is 1/2 by 19 3/4 long with a collar just down from the top. I'm thinking a piece of 4140 prehard with a machined grade 8 nut to make the collar welded on and threaded to 3/8-16 for the collets. As for the improvement there is just a 3/8 square up top for a wrench. I'm thinking a nut welded on may be more convenient, not so much for more torque but just may work better than a little square.
Just have to see what time n doin will do.