Both of my M-heads don't have the ejecting collet feature. I don't think they're missing parts either as there is no threading at the top of the spindle splines, and both currently have typical knee mill draw bars with a long piece of hex stock fastened to the rod. I'm guessing it's a generational thing which had it and which don't. One head is a B&S #7 on a 1941 BP base, the other is a Morse #2 head only on a horizontal mill, and both have a tang slot in the back of the spindle taper. On mine the captive drawbar would get in the way as I often use tang ended tools with no draw-in threads, like end mills and drill chucks. It's helpful to pull the drawbar out then use it as a driver to pop out the tool later.
Both of the Midgetmill heads I used to have had the feature at one point, though were missing the captive nut on top. I had planned to make new nuts, but wasn't looking forward to single point threading the ID left hand thread to a shoulder, so just used a long Allen bolt and hardened washer. I sold them with my K&T 2H last year.
When we had a few J-head Bridgeports in the shop with R8 spindles, we often had to wack the drawbar to eject the collet. A couple we updated with automatic drawbars, but the others we used one of those combination brass hammers with the 3/4" socket on the end. I wouldn't worry about damaging spindle bearings unless they were class 00 precision in a jig borer.
I'd just keep using the simple drawbar. It looks like the OP has the captive nut though so reverse engineering the original drawbar wouldn't be hard.