I have an old Florida or Chicago Pneumatic(?) 1/4" collet with a "front" exhaust and use a Harbor Freight swivel adjustable air controller.

I don't port for a living but have done my fair share and it has worked out well for me. I like the "front" exhaust models because it don't blow air/oil back in my face and instead blows the chips out of my work area.

You don't have to spend a lot just buy something decent and keep it oiled