I prefer dry ways when cutting cast iron. Paper covered with tinfoil (Aluminium) works in some areas, but only if the saddle pushes it along the bed both to and from the headstock. Actually the dust will still go everywhere, such as between the saddle and the tailstock, leadscrew, top and crosslide. And op's nose and lungs, etc.
No oil. Oil plus iron powder equals a grinding paste.
If it is going to be a longish session of iron, then rub dry powdered graphite on the ways with a fresh cotton waste.
A vacuum nozzle located under the end of the lathe tool cutting edge will capture some of the iron chips. The next line of defense is a atrong magnet in a plastic bag, but sadly, I have found that strong magnets produce strongly magnetized iron chips, which then attach themselves to every metal surface and are even more difficult to remove.
Needless to say it, but I avoid iron when possible. Old-timers tell me they just wiped dry and replaced their equipment as needed. Not an option for most of us.
Paul