I don´t really see a problem.
With generous cycle times, 6 min or so, it´s perfectly feasible to touch probe the tool(s) after each change.
Both for length, and possibly for concentricity into a pre-calibrated hole (go gage).
This c/would ensure the tool is straight, and of the right length.
Industrial robots used in say automotive parts manufacturing use tend to be extremely reliable.
Endless ways to ghetto build this, but I would not sell such a solution, nor do I advise it.
Just buy the right size abb robot, a custom gripper, and pay the recommended integrator the 40-50k$ that they will make it work.
About 140k all-in, perhaps less.
You could add your own cheap strain gages, or noise gages, temp sensor, all tripping the estop if you want for extra peace of mind.
Just don´t make them part of the process, drive an external relay to extra estop with external cheap hw, and then a human can come take a look.
Imo.
Ime.
You don´t want to integrate everything into the control.
You just want everything to stop when anything is out of normal boundaries.