JLyons,
Yep, the 5/16" bits fit and work great! The difference in diameter is around two-thousandth's of an inch, and the collet tightens up just fine. That bit is going nowhere.
Note that Lee Valley also has 8mm shank bits in stock now in most of the popular basic profiles. They aren't on the website yet, but are in stock. If you are looking for a bunch of bits then it might be worth your time to place a phone call and talk to someone there.
If you are looking at carbide spiral bits, I don't think those are available in 8mm at this time, so the 5/16" will be what you need.
-regdor1999
Snip from a related post I made:
"Lee Valley 8mm shank bits: 7.99 mm, 0.314 inches (any inaccuracy is likely me, using the micrometer quickly during lunch)
Whiteside 5/16" (inch) bits: 7.93 mm, 0.312 inches
The Whiteside bits I bought are an up-spiral RU3100 and down-spiral RD3100, from Holbren.com . Lee Valley also has a Onsrud 5/16" spiral bit for a few bucks more, and I think that is made in the USA as well.
The 5/16 inch shank bits will fit fine in the of1010"