Hey Kneepit,
you might be interested in → this.
There, you will see that at the beginning of the ‘tool-change’ g-code example, all settings of the machine at this point are saved by the command M70 (Save Modal State), and after the manual tool change, the machine will resume the program after the command M72 (Restore Modal State) which tells the machine where it was before the tool change. The only thing you definetely will want to be updated then (as @Matticustard already pointed out), is the machine to know about the length of the new tool. This is the purpose of the g-code routine example shown, which you can use in your ‘tool-change’ field. You may adust the settings e.g. for the height of your touch probe and also the value with which Z is raised at tool-change position in order to fit your bit lengths. You may also alter the position where the tool change has to be done (if you don’t like it to be done at the home position). Hope this helps, the g-code commands are all explained if you follow the link above. You could also first test them one by one in the MDI field (maybe without a bit first) in order to learn to know them and what they are doing.