As a general rule water soluble coolant provides good cooling properties (due to the water) but poor lubrication. On the other hand neat cutting oils provide excellent lubrication but poor cooling. That is one reason you often see neat cutting oils used on slow, high pressure, shearing operations, such as Sunderland gear planers. Dribbling on coolant or cutting oil is ineffectual; the first doesn’t cool much and the second just creates a sticky mess.
In my workshop I use coolant as follows; I’ve never used neat cutting oil, only soluble coolant. On all machines, with all tooling, I run brass, cast iron and plastics dry.
On the centre lathe I run carbide tooling dry, chips are normally blue or yellow. I use flood coolant for drilling with HSS and always for parting off, even with carbide parting tools.
On the vertical mill I no longer use coolant, although the machine is equipped with flood coolant capability. I run cutters fast, so coolant gets flung everywhere. Plus I don’t have a drip tray for the vertical mill so the floor gets slippery.
For the horizontal mill, which does have a drip tray, I run carbide insert cutters dry, getting blue/yellow chips. I run a lot of HSS cutters on the horizontal mill and always use flood coolant with them. If there isn’t steam rising it means I am pussy footing on feeds and speeds.
On the repetition lathe I always run flood coolant as it exclusively uses HSS tooling. The lathe has a spray bar over the spindle rather than a single outlet pipe.
I always run flood coolant on the CNC mill, primarily to wash away swarf rather than cooling.
Coolant is always run on the cylindrical grinder, it seems to help prevent loading of the wheel and of course when working to tenths even a bit of heat in the workpiece is bad.
In summary, using coolant is personal choice but if one is going to use it then go for flood coolant.
Julie