I think one thing this overlooks is that there is no "right" height for the tool rest. It varies depending on the tool in use and sometimes on the cut you are trying to make. I sometimes change the height of the toolrest to overcome the shape of the rest in relation to the cut I'm trying to make too.
My solution to the problem is to grip the toolrest with my index finger pointing down and along the toolpost so my finger rests on the top of the banjo so when I release the lock screw, the rest stays where it is and I can make micro adjustments or big adjustments as required without losing the start point as the reference. Do it this way and you don't need a locking collar.
Interestingly, one of my lathes was originally owned by the late Ray Key. He had added collars to the 1" toolposts which were just lengths of 28mm copper pipe, which just happens to be a tight fit - needing a tap or two from a blunt implement to adjust! Having got used to my way of using my index finger, I removed the copper collars but I kept them just in case I changed my mind!
I still stick to my original statements about shiny things being created to catch fishermen (or turners!).