13sigs –
Some years ago I bought a tin of tapping grease to use on my TAIG lathe (now sold) but found that the stuff got everywhere and it smelt. (Great for tapping though).
Generally, the need for some sort of flood coolant can increase as the size of the lathe increases. For instance, with a small TAIG lathe, flood coolant would be OTT, brushed on cutting oil or suds from a squirty bottle would be more appropriate. Once you reach the size of shall we say a Myford, flood coolant versus brush or squirty starts to depend on the size of the job in hand.
My lathe is a 10×24, a little larger than a Myford. Some very small jobs I'll just brush on a little cutting oil but for some serious swarf removal I turn on the pumped cutting oil. Others may do things differently but this is my way!
Rik aka 3infREME